2011 Business Expo

Ten Ways to Pay Zero Tax:

Co-authored by Heather Kovalsky, CPA

Brimmer, Burek & Keelan, LLP

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Who likes to pay income taxes? If you are one of the many taxpayers who hates to send an income tax payment to the Internal Revenue Service then we have the seminar for you. Join Brimmer, Burek & Keelan, LLP's Heather Kovalsky to learn "Ten Ways to Pay Zero Tax". Here is a sneak peak at ways you can save:

  1. Cost segregation. Increase your income tax deductions on the purchase of a commercial building and allow for loss carryovers that may result in paying zero tax in the current or other tax years. Learn about a client that we helped turn a $130K liability into a $100K refund!
  2. Deduct new equipment purchases.  Write-off new equipment purchased in 2011. The new rules have greatly expanded the amount you can write off in one year against other income for new equipment purchases to achieve zero tax.
  3. Gain exclusion. Pay zero tax on the sale of your small business stock that is held for five years. A special, newly changed IRS code section allows certain company owners to pay zero tax on the sale of their corporation.
  4. Ordinary losses. Take ordinary losses up to $100K on small business stock dispositions. These losses can be offset against other income up to that level to pay zero tax.
  5. Debt forgiveness. Pay no income tax on the cancellation of debt when you meet certain little-known tax rules.
  6. Foreclosure.  Income from the cancellation of debt on your principal residence is excluded from taxable income based on recently changed rules.
  7. Retirement plans for sole proprietorships. Potentially wipe out income from your business by contributing to a retirement plan through your business. Learn how we helped one client with more than $300K in income deduct more than $330K in pension plan expenses in one year!
  8. Hire your kids. Redistribute your income by hiring your children to work in the family business and utilize their tax deductions to offset the income.
  9. Roth IRA conversion. Convert to a Roth IRA and have nontaxable distributions from the Roth IRA in the future.
  10. Evaluate your portfolio. Consider investments in tax-free or tax-deferred holdings such as municipal bonds, fixed annuities, or stocks that grow but do not pay dividends.