Here is a sample of one of the seldom used tax deduction that the formal tax plans produced by my affiliate firm, Pinnacle Tax Planning Services, Inc., will recommend to our business clients, it is referred to as the “Augusta Rule”. It is the strategy for generating tax-free income by renting your home to your business, deducting up to 14 days’ rental income from your business entity return, and using Code Section 280A(g) to exclude the income from your personal return. There are some procedures and processes to permit the application of Code Section 280A(g), but nevertheless, it can make for a nice deduction. This is a free one courtesy of Joseph F. Fragnoli, CPA, PC in Nashville, TN and Pinnacle Tax Planning Services, Inc.
This is one of the multiple of seldom used tax strategies that are overlooked by what we call informal tax planning. That is, the process of doing a tax projection calculation and then making some common tax reduction strategy recommendations. That is nice, but it is far from what can be done to minimize taxes through a truly formal and comprehensive tax plan. This is what we do. Don’t give your hard earned money to the United States Treasury, keep what is yours. You invest in financial planning, estate planning, health and conditioning services; invest in a formal tax plan. We guaranty your satisfaction with the plan design or we return your money. You have nothing to lose.
If you would like to see some of the many other seldom used tax deductions and strategies that we recommend, please feel free to contact me directly at (615) 513-5522 or visit one of our two websites, www.jfragnolicpa.com or www.Pinnacletaxplanning.com.