Among the biggest breaks for businesses: A tax credit for research and development, an exemption that allows financial companies to shield foreign profits from being taxed by the U.S., and several provisions that allow businesses to write off capital investments more quickly.
There is also a generous tax credit for using wind farms and other renewable energy sources to produce electricity.
The biggest tax break for individuals allows people who live in states without an income tax to deduct state and local sales taxes on their federal returns. Another protects struggling homeowners who get their mortgages reduced from paying income taxes on the amount of debt that was forgiven.
Other more narrow provisions include tax breaks for film and theater producers, NASCAR race track owners, manufacturers of electric motorcycles, commuters who use public transportation and teachers who spend their own money on classroom supplies.
Dear Doctor/Business Owner,
I’m Connie, financial advisor with Harding Financial helping doctors and business owners save a significant amount in income taxes per year via a financial strategy and business structure (C corp, 1099).
Please email me a time to chat with our sr financial advisor this week?
Connie Dello Buono
email@example.com or firstname.lastname@example.org
Jr Financial Advisor
I am a financial advisor at Harding Financial which specialize in strategic tax planning strategies using a combination of corporate structuring and financial planning. In working with new clients, we find that doctors are paying unnecessary taxes due to improper corporate structure and improper pay and financial structure. With proper corporate, financial and pay structure, we can often eliminate large amounts of unnecessary taxes that you are currently paying to the Federal and State Governments. If you have not sat down with a knowledgeable financial advisor who works hand in hand with your CPA to implement strategies that align your corporate, pay, and financial planning structures, you are paying unnecessary taxes. CPAs are excellent in finding tax deductions through accounting, Harding Financial Partner advisors are excellent in finding deductions through an integration of corporate structure and financial planning.
Our planning and analysis goes beyond what typical financial advisors, and even CPAs, do for clients. Additionally, our research and experience indicates that Dr. personal assets are exposed to litigation due to improper personal asset protection planning and strategies that are not in sync with their practice corporate structure. If you would like to hear more about what we do for private practices and Doctors, please let me know and I will schedule a short, 30 minute, introductory call to see if our planning process and models interest you and are a fit for your situation. There is still time to implement our strategies for tax year 2014, but that window is closing rapidly. Talk to you soon.
Connie Dello Buono