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No accountant can be awesome enough to write off much more than what is truly a business expense. The ultimate rule is that everything written off must have bus
by jotto 18y ago
No accountant can be awesome enough to write off much more than what is truly a business expense. The ultimate rule is that everything written off must have business purpose.
Now, you'll only get in trouble if you get audited, but writing off things that shouldn't be written off will stand out.
The best way to shelter yourself from taxes is to invest the money and then pay taxes on a long term capital gain (which have historically been lower than ordinary tax rates).
- fallentimes 18y agoRetained earnings (if that's what you mean by invest) are taxed as well.