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Tax Reduction Expert Helps Small Businesses Decide Whether or Not to File for S Corporation Status
Tax reduction expert Murray Bradford has encouraged small business owners to read his article titled "Is Your S Corp. Adding to Your Bottom-Line Profits?"
SAN RAFAEL, CA, March 19, 2009 /Accounting PR News/ -- Tax reduction expert Murray Bradford has encouraged small business owners to read his article titled "Is Your S Corp. Adding to Your Bottom-Line Profits?":
http://www.taxreductionletter.com/pdf/Vol17-3Mar08.pdf
Available in the Tax Reduction Letter, the article notes the major issues that small business owners must take into consideration before they should determine whether or not to convert a sole proprietorship to an S Corporation (or something else).
"Converting to an S Corporation status has an allure," said Bradford, whose expertise comes from 30 years in accounting, including a lengthy stay at Price Waterhouse. "But it isn't for everyone, as the tax savings are anything but clear-cut. Some small businesses are in fact better off filing for Limited Liability Company status -- or even not changing their status at all. The key, as with everything in small business taxes, is to be familiar with the associated tax law."
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 featured 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.
In describing the stipulations that S Corporations put on salary, as well as how the laws for them define "pass-through income," Bradford's article advises readers to plan accordingly -- and to accept the possibility that an S Corporation is not best for everyone. To help small business owners in making these determinations, his article explains considerations such as:
1. Factoring in state corporation taxes, if any, to determine the real net savings of filing for S Corporation status
2. Making sure to take a salary, and one of a sufficient amount, from the S Corporation
3. Bearing in mind just what kind of retirement savings and health-related expenses are and are not deductible
4. Reimbursing expenses and owning property in the right (and wrong) way
5. Being sure to keep proper, meticulous paperwork
6. Focusing on making money -- in order to avoid having to take a potentially costly loss deduction
"While the potential tax benefits are very real for some small businesses that elect to file as S Corporations, this option is anything but a tax-saving panacea for any and all small businesses," said Bradford. "This is because the tax laws surrounding S Corporations are precise and intricate, designed to benefit some, and not others. The best thing small business owners can do to lower their taxes is to obtain the necessary knowledge not only on incorporation, but also on a broad array of other tax issues that directly affect them."
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 Drive, Suite C258
San Rafael, CA
United States 94903
Voice: 415-446-4346
Fax: 415-446-0127
Website: Visit Our Website |
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