Simple ways to cut your tax bill without breaking the law By Carey Lampel, LLM EBS Consulting, Inc Whether your business be large or small, you know you’re going to have to pay several different taxes: federal, state and local. But it might surprise you to know that the amount of tax you pay has to do with several factors other than the amount of profit you make in a year. For example, different taxes apply to a greater or lesser extent according to the industry you’re in and the type
The 12 Most Essential IRS Audit Red Flags By Carey Lampel, LLM EBS Consulting, Inc Although there is no sure way to avoid an IRS audit, you should be aware of red flags that could increase your chance of drawing some unwanted attention from the IRS. Perhaps you sometimes wondered why some tax returns are audited by the IRS while most are ignored. There are many reasons. The IRS only audits about one per cent of all individual tax returns annually. The agency doesn’t have sufficient sta
By Carey Lampel, LLM EBS Consulting, Inc Depreciation is a very simple concept. Suppose you purchase a vehicle for your business. It begins to lose value the minute you drive it out of the dealership. The vehicle is considered an operational asset in running your business. Each year that you own the vehicle, it loses some value, until the truck finally stops running and has no value to the business. Measuring the loss in value of an asset is known as depreciation. Depreciation is consider
By Carey Lampel, LLM EBS Consulting, Inc It is perfectly legal to run your business in such a way that you reduce your tax liability. Of course, you're entirely within your rights to claim every lawful deduction or credit and there are tax consultants who will advise you the optimum method of going about this. But, if you evade paying your due taxes by fraudulent means, that's a very serious crime. A lot of people seem to confuse the distinction between tax evasion and tax avoidance. Fail
Top Tax Deductions for Your Small Business By Carey Lampel, LLM EBS Consulting, Inc The more tax deductions your business can legitimately take, the lower its taxable profit will be. It’s not rocket science. Aside from leaving more money in your bank account at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attentio
We have a team of tax preparers including Carey Lampel, our lead tax strategist. Carey has a masters in tax (LLM) from the University of San Diego and a law degree from Chicago Kent; more importantly, she's been helping tax clients as an independent tax expert for over 11 years. All tax returns are reviewed and signed by Carey Lampel in order to maximize the return for your individualized tax stategy. The rest of our team includes a CPA and other seasoned tax professionals; they
