Home » Accounting Articles » Tax Reduction Expert Explains How a Small Business Owner May Save on Taxes by Renting from a Spouse
Tax Reduction Expert Explains How a Small Business Owner May Save on Taxes by Renting from a Spouse
Tax reduction expert Murray Bradford has encouraged small business owners to read his article, which explains how small business owners may benefit from tax breaks related to business rent paid to a spouse.
SAN RAFAEL, CA, March 05, 2009 /Accounting PR News/ -- Tax reduction expert Murray Bradford has encouraged small business owners to read "Pocket Self-Employment Taxes by Renting from Your Spouse":
http://www.taxreductionletter.com/pdf/Vol17-3Mar08.pdf
Available in the Tax Reduction Letter, his article explains how small business owners may benefit from tax breaks related to business rent paid to a spouse. It is one of many tax deduction tips in "Tax Strategies for the Self-Employed (2009)," Bradford's do-it-yourself tax course for one-owner and husband-and-wife businesses:
http://www.bradfordandcompany.com/Products/On-the-Go.html
"Most people are aware of the basic tax deductions available to them as married couples," said Bradford, whose expertise comes from 30 years in accounting, including a lengthy stay at Price Waterhouse. "But the less conventional tax deductions also available to married, self-employed individuals -- such as the ability to write off business rent paid to a spouse -- can be arcane. This is where an easy-to-follow, step-by-step tutorial can go a long way in helping small businesses take advantage of the tax breaks they're entitled to."
Publisher of the Tax Reduction Letter (http://www.taxreductionletter.com) every month, tax reduction expert Murray Bradford, CPA, has years of experience in developing and implementing small business tax reduction strategies. A former accountant for Price Waterhouse, Bradford is founder of several tax reduction strategies businesses. Quoted in national publications such as The Wall Street Journal and on national programming such as Financial News Network and CNBC, Bradford has helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His popular courses provide actionable small business tax advice.
Bradford's article explains how the IRS allows one spouse to claim rent as a business expense on his or her Schedule C when he or she pays that rent to the other spouse, who may in turn report the money as income. This deduction is available to spouses whether they file separately or jointly, observes his article, which goes on to note that small business owners and their spouses who use this strategy must treat the rent paid and received as if it comes from a third party: Payment must be for a fair-market value, as well as consistent, systematic and timely.
"Even though the transaction occurs between spouses, it is still a business activity," said Bradford. "Self-employed business owners who pay business rent to their spouses may deduct this as a legitimate business expense, but the necessity remains to document this accurately and adequately. As with any other deductible business expense, properly accounting the business rent paid to a spouse is essential in order to withstand IRS scrutiny in the event of an audit."
Bradford noted that the potential tax savings that such knowledge yields more than offset the cost of "Tax Strategies for the Self-Employed (2009)," his annual course designed to help one-owner and husband-and-wife businesses navigate the maze of rules they must follow to properly determine and report their income. The annual course is designed to help one owner and husband-and-wife businesses navigate the maze of rules they must follow to properly determine and report their income. The annual tax reduction course reveals 171 tax lowering strategies that draw on Bradford's expertise from 30 years in accounting:
http://www.taxreductionletter.com/mbh1
Possessing expertise in just about every aspect of taxes for small business, Bradford provided a tutorial on incorporation on YouTube, walking viewers through the questions they should ask themselves before they decide whether or not to convert to an S Corporation:
http://www.youtube.com/watch?v=NONt54CDR3s&feature=channel_page
About Murray Bradford, CPA, Tax Reduction Expert
Tax reduction expert Murray Bradford, certified public accountant and publisher of the monthly Tax Reduction Letter, has years of experience in developing and implementing small business tax reduction strategies. Following nine years at Price Waterhouse, where he twice enjoyed the distinction of being selected to serve in the firm's Washington, D.C. national office, Bradford launched his tax reduction strategies businesses to focus on lowering taxes for one-owner and husband-and-wife businesses. Bradford has since helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His courses, including "Murray Bradford's Tax Strategies for the Self-Employed (2009)," are veritable goldmines of actionable small business tax advice. The news media regularly turn to Bradford for his tax strategy expertise, which he has shared in print publications and on radio and television programming, such as "CBS News Nightwatch," Financial News Network, KCBS, KGO-TV, KGO-radio, WFAN, WABC-TV, Fox, NPR, CNBC, The Wall Street Journal, The New York Times, Changing Times, Chicago Tribune, Money, Fortune and USA Today. A former Marine and author of several books, Bradford is an active member of the American Institute of Certified Public Accountants, the California Society of CPAs, the Minnesota Society of CPAs, and the Greater Washington, D.C. Society of CPAs.
Readers may view a further bio of Bradford at the following URL:
http://www.expertclick.com/ProfilePage/default.cfm?GroupID=9241&Searc ... al=19-3541
They may also turn to Bradford's TaxStrategies Blog (http://www.taxstrategies.wordpress.com/) and YouTube page (http://www.youtube.com/user/taxreductionexpert) for his latest thinking on matters tax-related.
The media may contact either of the following individuals:
Robin Smith
Regional Resource Manager, Tax Reduction Letter
7 Mount Lassen Dr., Ste. C258
San Rafael, CA 94903
rsmith AT bradfordandcompany DOT com
PHONE (direct): 415-446-4346
PHONE (main): 415-446-4340
FAX: 415-446-0127
http://www.taxreductionletter.com/
Brent W. Skinner
President & CEO of STETrevisions
PHONE: 617-875-4859
FAX: 866-663-6557
BrentSkinner AT STETrevisions DOT com
http://www.STETrevisions.com
http://www.brentskinner.blogspot.com
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Press Release Contact Information:
Robin Smith
Tax Reduction Letter
Regional Resource Manager
7 Mount Lassen Dr., Ste. C258
San Rafael, CA
United States 94903
Voice: 415-446-4346
Fax: 415-446-0127
Website: Visit Our Website |
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