When you are a Business Owner you can Lower your Taxable Income & Build Wealth.
Your Adjusted Gross Income (AGI) directly impacts your tax deductions and credits that you may be eligible for on your tax return. Also, If you file a State Income Tax return many State’s use your Federal AGI as a starting point to figure your State taxable income.
There are specific business deductions available to you for being Self-Employed that lower your AGI, therefore owing less tax . therefore lowering your taxable income.
Be eligible for Deductions & Credits on your tax return. Like the CARES Stimulus Payment (Economic Impact Payment (EIP)). Child Tax Credit. College Tuition Credits. Student Loan Interest Deduction.
In general, you need at least 40 Social Security credits over your lifetime to be eligible for retirement benefits and at least five years of credits out of 10 to be eligible for disability benefits.
Allows a higher contribution limit of $57,000, which is much higher than the $6,000.00 limit with a traditional IRA ($7,000 if you are over 50).
If you file a State Income Tax return many State’s use your Federal AGI as a starting point to figure your State taxable income.
Co-Owner of A-Z Business Services, I am a Licensed Tax Consultant, Certified Estate Tax Plan Advisor, Master Trainer, Certified Virtual Trainer, and an Advanced Certified QuickBooks Pro Advisor since 1997. I am also, an Enrolled Agent authorized by the U.S. government to represent taxpayers in tax matters before the IRS. I maintain numerous certifications to stay up-to-date on the QuickBooks Desktop & Online accounting software and massive hours of continued education to maintain tax certifications and licensing. I am the well rounded Tax & Estate Strategist you want on your side.
You may ask "Does she not have a life outside of work?" Well, the answer WAS No!, until 2017 when I GOT A LIFE and became Balanced and Growing in all 7 Life Areas; and now living my dream lifestyle!!
I practice a WORK / LIFE BALANCE. I Navigate Transformation in Life and Business Clarity (TLC) to business owners to Guide Your Business To Financial Safety, so YOU can too Live your Dream Lifestyle.
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