Episode 62. How 1 Tax Strategy Created a $220,000 Deduction for This 7‑Figure Printing Business

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!In this Hot Seat Tax Review, I review the tax return of a 7-figure printing business owner and show him 1 tax strategy that could help increase deductions and reduce taxes.His name is Slava, and he sent in his business returns, real estate returns, and personal return so I could review the full picture.In this podcast, I walk through what I liked, what I would fix, and what strategies he should review with his Tax Advisor going forward.The biggest opportunity is his self-rental tax strategy.He owns the commercial building where his printing business operates. Because the same owners are involved in both the business and the building, he may be able to group the rental activity with the business activity and deduct rental losses against business income.I also explain how a self rental tax strategy with a cost segregation could create about $220,000 in additional depreciation deductions on the commercial property.We also cover:✅ Reasonable compensation✅ Why I liked that his printing business had no ending inventory✅ Self-rental tax strategy✅ Cost segregation✅ Schedule C mistakes✅ Hiring your kids✅ PTET✅ Retirement planning✅ Real estate professional statusThis is a real tax return review with real business owner numbers, and it shows why tax planning should go much deeper than just filing a tax return.Before using any tax strategy, make sure you speak with a Tax Advisor who can review your full situation and help you structure everything correctly.🆓  Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know:   https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.