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For individuals and business owners, these records offer critical lessons about leveraging tax laws and managing risk.
Here are five key takeaways to guide smarter financial decisions, blending Trumps methods withexpert-approved compliance strategies.
This is a provision that allows businesses to deduct losses from previous years against current or future income.
When done right, this strategy offerssignificant tax relief for small businesseswithout raising red flags.
Marcus Sturdivant ofThe ABC Squaredsuggested businesses avoid consecutive years of losses, which attract audits.
Structuring your business as an LLC or S-corporation creates legal separation, shielding personal assets from liabilities.
Clear separation of financesis not just a best practice but a legal necessity.
Mixing personal and business accounts complicates audits and increases liability risks.
These credits offset up to 20% of qualified renovation costs.
These strategies can offer a significant return on investment for small businesses and average earners alike.
Businesses should benchmark deductions against industry norms.
Regular third-party audits catch errors early, ensuring numbers align with filings.
Transparent records are the first defense against disputes.
Sturdivant suggested business owners apply what he calls the reasonable person standard when evaluating tax strategies.
If you have to ask whether its ethically shaky, thats a sign, he explained.
Ultimately, taxpayers should do their due diligence to confirm theyre maximizing their tax savings within the law.
Reviewing tax codes thoroughly and consulting multiple professionals is needed to ensure strategies are both legal and defensible.
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