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Old 01-30-2019, 08:54 PM
 
2,012 posts, read 750,884 times
Reputation: 6343

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Quote:
Originally Posted by CaptainNJ View Post
receive payment in cash and dont report it as revenue
This is probably the single most common 'method' used by small businesses to reduce their tax bite.
It's illegal but they all do it, everyone knows they do it, and the IRS knows they do it.
Just don't OVER do it!
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Old 01-31-2019, 08:01 AM
 
Location: NJ
27,242 posts, read 32,725,883 times
Reputation: 19384
Quote:
Originally Posted by Quietude View Post
Yes. Over 20 years now.

And co-managed a $6M, 100-employee business for about 12 years. Among a few other scattered endeavors.

Yes, yes, you've said that. Never found any coupons you could triple up on Unca Sam?
i am honestly surprised that you have any experience owning a company, even if it is a self employment situation. what do you figure is the return on investment of a solid teak desk?

haha i didnt notice the little coupon dig the first time i read this post. i have accountants that i trust are helping me pay the lowest rate that i legally can. i am not aware of the availability of coupons to reduce my tax obligations but if there were i would most definitely be clipping them!
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Old 01-31-2019, 08:08 AM
 
Location: NJ
27,242 posts, read 32,725,883 times
Reputation: 19384
Quote:
Originally Posted by MinivanDriver View Post
You could always leave New Jersey. A client of mine moved their entire operations out of there. Slashed their tax bill. Two years later, he still talks about it how much he saves.
my operations are in nyc and i couldnt really do anywhere near the same amount of business anywhere else. so i will make my money living in nj and maybe move after.
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Old 02-01-2019, 04:07 AM
 
Location: USA
185 posts, read 107,545 times
Reputation: 369
CaptainNJ has made some pretty accurate and insightful posts in this thread. I have very similar experiences. There's an alarming number of 'micro' (less than a 100 employees) businesses who are completely ignorant in tax laws, both federally and locally. They seem to operate on old wife's tales and facebook gossip. They display low reading comprehension and struggle to understand fundamental accounting.

Of course this isn't everyone. For every 7 of those businesses there's probably 1 that's compliant.

Most all of the businesses shirking tax laws and accounting requirements share a common complaint about the difficulty in obtaining bank loans to expand business. Imagine their surprise to learn that banks DO loan to small business!! If you're running operations by the book... (yes, that mean's paying taxes.)
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Old 02-01-2019, 10:14 AM
 
Location: Aurora Denveralis
8,717 posts, read 4,017,719 times
Reputation: 13392
Quote:
Originally Posted by SE1SG View Post
CaptainNJ has made some pretty accurate and insightful posts in this thread.
Maybe you could summarize some examples to support this observation. I mostly see very generic advice, one or two completely missed points and a failure to recognize at least one joke.

Other posters have made much more salient and useful comments, IMVHO.
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Old 02-01-2019, 10:24 AM
 
Location: NJ
27,242 posts, read 32,725,883 times
Reputation: 19384
Quote:
Originally Posted by Quietude View Post
and a failure to recognize at least one joke.
most of the time when people dont recognize a joke, the failure belonged to the person making the "joke."
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Old 02-01-2019, 10:26 AM
 
Location: Aurora Denveralis
8,717 posts, read 4,017,719 times
Reputation: 13392
Quote:
Originally Posted by CaptainNJ View Post
most of the time when people dont recognize a joke, the failure belonged to the person making the "joke."
As the joke stemmed directly from one of your Tips From Reader's Digest suggestions, it was especially hilarious.
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Old 02-01-2019, 10:29 AM
 
Location: NJ
27,242 posts, read 32,725,883 times
Reputation: 19384
Quote:
Originally Posted by SE1SG View Post
They seem to operate on old wife's tales and facebook gossip. They display low reading comprehension and struggle to understand fundamental accounting.
i believe that is the case with the OP. he has been led to believe that 'rich" business owners have all of these loopholes that they use to reduce their tax obligations. i keep asking my accountants about these loopholes and im not getting anywhere with double secret evil rich guy tax loopholes and offshore accounts.

i believe my tax rate should be reduced for 2018 because a certain % of it is not taxed according to the new tax reduction for pass through corporations. the same exact law that any other owner of a pass through corporation will be using.
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Old 02-01-2019, 10:32 AM
 
Location: NJ
27,242 posts, read 32,725,883 times
Reputation: 19384
Quote:
Originally Posted by Quietude View Post
As the joke stemmed directly from one of your Tips From Reader's Digest suggestions, it was especially hilarious.
haha, feel free to insult or demean my posts. we are just here to discuss business and i am using my relevant experience to offer input to people who may want to read it and join in. i am not particularly sensitive, it doesnt bother me if you dont like my posts.

i feel like you must have a unique sense of humor where you find things funny when they arent. that is great for you.
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Old 02-03-2019, 12:47 AM
 
8,047 posts, read 3,491,971 times
Reputation: 7204
Quote:
Originally Posted by Submariner View Post
Have you considered increasing your company health insurance plan? Provide every employee with really good health insurance. That should reduce your taxable profit a good amount.

Are there any 'professional development' seminars anywhere that would sort of apply to the jobs of your employees? Once a year send each employee to a seminar somewhere [Vegas, Miami, Tahoe, Waikiki, etc]. If it is a 3-day seminar, spring for 5-days [the day before and a day after] and include a plus-one with each package trip.
Not deductible.
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