At Virjee Consulting, our primary goal is to reduce your tax burden by forward planning and then helping you use your business to reach financial freedom. The final quarter of the year is a crucial period for owners of small businesses and corporations, as well as independent contractors. It’s the time to implement strategic tax […]
Business Taxes
Buying a Company Car vs Using the Mileage Deduction
We get this question at least twice a week for clients. “My friend’s CPA told them to buy a car under the company name in order to save taxes, why don’t you recommend it? Even better I’ve seen Tiktok and Youtube videos from Tax Experts about how buying a company car is one of the […]
Beware the Tax Shock: Why Business Owners Should Pay Estimated Taxes On Time
As the saying goes, there are only two certainties in life: death and taxes. For business owners, the latter can be especially daunting, and recent changes in IRS interest rates have made it even more critical to stay on top of estimated tax payments throughout the year. Failing to do so can lead to an […]
How Business Owners Including Doctors Can Deduct Their Next Vacation
Doctors, like any other professionals, need time off to recharge and relax. However, finding a way to write off vacation expenses can be a smart financial move. By following a few strategic steps, doctors can maximize their tax deductions while still enjoying a well-deserved vacation. Let’s explore how this can be done. Step 1: Establish […]
Using 1031 Exchange Strategy to build Generational Wealth Using Real Estate
The IRS Code has a well kept secret that some real estate investors have used over the past decades to defer taxes and create generational wealth. This is called the Section 1031 Exchange. Section 1031 Exchange allows you to sell a piece of appreciated real estate and defer the taxes as long as invest the […]
2022 Last Minute Tax Deduction Ideas
Below are some last minute tax deduction ideas for Dental Offices to Consider. If you are part of our Tax Planning and Consulting Program, we already incorporated most of these ideas into your 2022 strategy to lower your tax payments. But this is a good refresher to see if anything was missed before the end […]