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Should I buy or lease a car?
This question is more than a tax issue. It is an economics issue where one must consider the annual miles driven and the length of time the car will be kept.
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Should I Incorporate, be an LLC, or stay a Sole Proprietorship?
This question is complex. It is a legal issue which concerns the degree of liability of the person(s) who run the business; a formality issue because corporations are more rigid in structure; a financial issue due to the difference in costs involved; and it is an audits issue concerning which entity type will more frequency be selected for an audit by the IRS.
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What things should I do by the End of the Year?
The usual thought on this issue is to Expense now followed by Income later. Also give consideration to funding Pension plans, IRAs and SEPs. An important thing to remember is the line...Don't spend if you don't NEED.
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If there are other questions you may have, or want more information on the topics above, please call us at 818.707.3344 or email us at taxwizz@aol.com
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