{"id":3159,"date":"2020-05-08T00:00:00","date_gmt":"2020-05-08T00:00:00","guid":{"rendered":"http:\/\/www.theforesightcompanies.com\/blog\/step-4-its-tax-time-again\/"},"modified":"2022-01-24T22:04:47","modified_gmt":"2022-01-24T22:04:47","slug":"step-4-its-tax-time-again","status":"publish","type":"post","link":"https:\/\/www.theforesightcompanies.com\/blog\/step-4-its-tax-time-again\/","title":{"rendered":"Step 4: It\u2019s Tax Time Again"},"content":{"rendered":"\r\n

Tax planning issues, four decisions to make for your business return
and things your accountant should know.<\/strong><\/p>\r\n\r\n\r\n\r\n

I\u2019m\r\ngoing to open your 2020 vision on taxes based on some quotes. So, while you may\r\nnot believe me, believe them. Taxes are so important to plan because they are a\r\nhuge cost to your business with no return on investment.<\/p>\r\n\r\n\r\n\r\n

\u201cOur\r\nnew Constitution is now established and has an appearance that promises
\r\npermanency, but in this world, nothing can be said to be certain except death\r\nand taxes.\u201d
\r\n<\/em>\u2013 Benjamin Franklin, 1789<\/em><\/p>\r\n\r\n\r\n\r\n

Those of us in funeral service have a\r\nunique perspective. We have seen how the government, via the FTC Funeral Rule, has messed with \u201cdeath,\u201d and\r\nvia the IRS, \u201ctaxes.\u201d This quote has\r\nsurvived 221 years but will not survive another 100.<\/p>\r\n\r\n\r\n\r\n

The problem is most funeral home owners do not take the time\r\nto understand tax law. They rely on accountants for that. Plus, business owners\r\noften do not talk to the accountant until after the tax year is over. But\r\nthere\u2019s very little you can do to plan to reduce taxation after year-end.<\/p>\r\n\r\n\r\n\r\n

\u201cAnyone\r\nmay arrange his affairs so that his taxes shall be as low as possible; he is\r\nnot bound to choose that pattern which best pays the Treasury. There is not\r\neven a patriotic duty to increase one\u2019s taxes. Over and over again, the courts\r\nhave said that there is nothing sinister in so arranging affairs as to keep\r\ntaxes as low as possible. Everyone does it, rich and poor alike, and all do\r\nright, fornobody owes any public duty to pay more than the law demands.\u201d
\r\n<\/em>\u2013 Judge Learned Hand, U.S. Court of Appeals, 1939<\/em><\/p>\r\n\r\n\r\n\r\n

The message Judge Hand was trying to convey is that tax\r\nplanning is a reasonable thing to do. The Internal Revenue Code is published\r\nfor all to read and for all to apply their business and personal income. You\r\ncan and should do this, as taxes are an exact computation. The question I must\r\nask you, dear reader, is, \u201cWhy don\u2019t<\/em> you take the time to plan?\u201d <\/p>\r\n\r\n\r\n\r\n

The Gettysburg Address is 269 words, the Declaration of\r\nIndependence 1,337 words and the Bible is only 773,000 words. The tax law,\r\nhowever, has grown from 11,400 words in 1913 (when there was a 1% tax on income\r\nup to $20,000 and 7% on income over $500,000) to more than to seven million\r\nwords today. The IRS sends out eight\r\nbillion pages of forms and instructions each year. Laid end to end, they would\r\nstretch 28 times around the earth.<\/p>\r\n\r\n\r\n\r\n

The error business owners make is assuming their tax filer is\r\nknowledgeable about tax planning. They are only knowledgeable in filling out\r\nthe forms; they are not auditing your tax return nor are they attesting to the\r\naccuracy of your deductions. They merely file what you give them.<\/p>\r\n\r\n\r\n\r\n

There is one option for tax planning that is verboten, and\r\nthat\u2019s cheating. In fact, the line on which you sign your personal and business\r\ntax return includes the following statement: \u201cUnder penalties of perjury, I\r\ndeclare that I have examined this return and accompanying schedules and\r\nstatements, and to the best of my knowledge and belief, they are true, correct\r\nand complete.\u201d Why commit perjury? Why leave yourself open for review for three\r\nyears in most cases, seven years in some cases and forever in the most\r\negregious cases?<\/p>\r\n\r\n\r\n\r\n

I remember being an expert witness in a funeral home\r\nvaluation case in the 1990s that was part of a divorce hearing. The firm was an\r\nItalian Catholic business doing 300 cases. Now, reader, stop and guess how much\r\nrevenue that business must have had? The tax returns the husband filed (I was\r\nworking on behalf of the wife) listed $750,000! (I would have expected $2.5\r\nmillion to $3 million.) The husband\u2019s tax return also showed his cost of\r\ncaskets to be $600,000! Essentially, he was proclaiming that he was making no\r\nmoney.<\/p>\r\n\r\n\r\n\r\n

When I convinced the judge of this egregious tax fraud, the\r\njudge looked over at the husband and asked, \u201cHow do you explain this, sir?\u201d and\r\nhe replied sheepishly, \u201cCreative accounting!\u201d Do not use \u201ccreative accounting\u201d!\r\nAny tax filing with more than a 25% restatement of taxable income has an\r\nunlimited statute of limitations.<\/p>\r\n\r\n\r\n\r\n

With that said, let me introduce you to the issues of tax\r\nplanning, a simple maze of four decisions for your business return. I will then\r\nsummarize the tax decisions and provide recommendations as if you were starting\r\na business today.<\/p>\r\n\r\n\r\n\r\n

Business Tax Decision #1: Determine Business Entity Type<\/strong><\/p>\r\n\r\n\r\n\r\n

It\u2019s your choice whether you want to\r\nbe a business that is taxed as a separate taxpayer or have the income taxed at\r\nthe individual basis. If you want to be a separate taxpayer, that\u2019s called a C\r\ncorporation. The federal tax rate on a C corporation is 21%. The average\r\n\u201cmarried filing jointly\u201d business owner will be taxed at either the 24% bracket\r\nor the 32% bracket. <\/p>\r\n\r\n\r\n\r\n

On the surface, you might think, \u201cI want to be taxed at 21%\r\nrather than 24% or more!\u201d Unfortunately, that\u2019s a mistake. The income earned\r\nwould be taxed at 21% now, but at some time in the future, you will take the\r\nearnings out of the business account. At that later date, when you take money\r\nout of your corporation, you will be taxed again. In fact, if you invest the\r\nmoney in a C corporation that appreciates and then sell those assets owned by\r\nthe C corporation, you will be taxed on the gain at the corporate level and a\r\nsecond time when you take the money out of the corporation. <\/p>\r\n\r\n\r\n\r\n

A one-tax solution is a S corporation or a Limited Liability\r\nCompany (LLC). This has your income from\r\nthe business taxed once and only once, at the personal tax bracket. It avoids a\r\ndouble tax when you sell your business. It\u2019s clean and efficient.<\/p>\r\n\r\n\r\n\r\n

Business Tax Decision #2: Cash or Accrual?<\/p>\r\n\r\n\r\n\r\n

There are many philosophical debates\r\nabout time and reality, and the tax world has its own. The question is, \u201cWhen\r\nis income income?\u201d Well, that depends on whether you are a taxpayer on a cash\r\nbasis or an accrual basis. <\/p>\r\n\r\n\r\n\r\n

In accrual basis accounting, you are deemed to have earned\r\nincome when you have the right to receive the income. You have an expense at\r\nthe moment you have the obligation to pay the expense. In cash basis\r\naccounting, you are deemed to have earned income when you get the income. You\r\nhave the right to deduct an expense only when you pay for the expense. By\r\nexample, if a family comes in December 31, the last day of your year, and\r\n\u00adarranges a $10,000 funeral but tells you they will bring in their checkbook on\r\nJanuary 1, under the accrual basis, you are taxed in the year of the\r\narrangement. Under the cash basis, you are taxed in the year in which you\r\nactually get the money. Most businesses operate on an accrual basis.<\/p>\r\n\r\n\r\n\r\n

Individuals don\u2019t have a choice. They are taxed on the cash\r\nbasis.<\/p>\r\n\r\n\r\n\r\n

Frankly, I like both methods but for different purposes. I\r\nlike paying taxes on the cash basis as an individual and as a business owner.\r\nHowever, for management purposes, I like the accrual basis, which lets me see\r\nhow my business is operating in real time. It used to be that funeral homes\r\ncould not file their taxes on the cash basis as they were dealers in inventory.\r\nThat changed about 15 years ago. <\/p>\r\n\r\n\r\n\r\n

My preference for my clients is accrual basis for management\r\nreports and cash basis for taxes. This allows me to not pay tax on the accounts\r\nreceivable of the business, which in funeral service could be 10% or more of\r\nannual revenue. Before the computer, you could not feasibly flip back and forth\r\nbetween cash and accrual, but those were the bad old days.<\/p>\r\n\r\n\r\n\r\n

Business Tax Decisions #3: Owning Capital Assets<\/strong><\/p>\r\n\r\n\r\n\r\n

Capital assets are significant pieces\r\nof tangible property used in a business that have a useful life expectancy of\r\nmore than a year, such as automobiles and buildings. Autos, furniture and\r\nfixtures are depreciated and actually decline in value. Buildings are\r\ndepreciated as a tax incentive, but in reality, they tend to appreciate. You\r\ndon\u2019t pay a tax on the appreciation until you sell the building. <\/p>\r\n\r\n\r\n\r\n

Therefore, I like to own buildings in a separate entity and\r\nreceive rents as pass-through income. I like this other entity to be an LLC or Sub S corporation so the growth on the\r\nasset will only be taxed once at the personal level. The depreciation, interest\r\nexpense and rents will make a difference if you do it properly.<\/p>\r\n\r\n\r\n\r\n

What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.\u00a0
\u2013 Mark Twain<\/em><\/p>\r\n\r\n\r\n\r\n

Business Tax Decision #4: Compensation and Benefits<\/strong><\/p>\r\n\r\n\r\n\r\n

Most taxpayers don\u2019t understand that\r\nsalary is only deductible to the degree that it is usual and customary.<\/em>\r\nExcessive salary may not be deductible. Excessive salary today is just bad\r\nplanning. The change in the tax law in 2018 created a new type of income \u2013\r\npass-through income. While pass-through income has always been around, now, if\r\na business meets a few mathematical tests, it is possible that up to 20% of the\r\npass-through income is exempt from taxation! This deduction is the qualified\r\nbusiness income deduction. If a business owner takes $100,000 as a year-end\r\nbonus, then all of that is subject to tax. If a business owner takes $100,000\r\nas a pass-through distribution, then it may be only $80,000 that is taxed.<\/p>\r\n\r\n\r\n\r\n

There are very few tax savings better than a qualified\r\nretirement plan, which is funded by a company and grows tax-free for the\r\nemployee until he or she retires. There are as many ways to plan a qualified\r\nretirement plan as there are chili recipes, and business owners should\r\nindependently study their options since some provide more leverage to the\r\nowner\u2019s account than others. <\/p>\r\n\r\n\r\n\r\n

Yes, the tax law is\r\ncomplicated, and just because someone is called an accountant doesn\u2019t mean he\r\nor she knows tax law. Knowing the law of taxing individuals is different from knowing\r\nthe tax law of businesses.<\/p>\r\n\r\n\r\n\r\n

\u201cThe\r\nhardest thing in the world to understand is the income tax.\u201d
\r\n<\/em>\u2013 Albert Einstein<\/em><\/p>\r\n\r\n\r\n\r\n

Yes, our income tax rates are high, but we are not the highest taxed nation. So, plan ahead and save yourself hundreds of thousands of dollars over your working lifetime. If you object, move to any country with a lower tax rate, but realize that the commute will be difficult!<\/p>\r\n\r\n\r\n\r\n

Financial\/tax advice contained in this article is for informational purposes only and may or may not apply to your individual position. Readers are strongly encouraged to seek the counsel of qualified advisers before undertaking any action based on this information.<\/em><\/p>\r\n\r\n\r\n\r\n

Step 4: Taxes<\/a>Download<\/a><\/div>\r\n","protected":false},"excerpt":{"rendered":"

Tax planning issues, four decisions to make for your business return and things your accountant should know. I\u2019m going to open your 2020 vision on taxes based on some quotes. So, while you may not believe me, believe them. Taxes are so important to plan because they are a huge cost to your business with no return on investment. \u201cOur new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain except death and taxes.\u201d \u2013 Benjamin Franklin, 1789 Those of us in funeral service have a unique perspective. We have seen how the government, via the FTC Funeral Rule, has messed with \u201cdeath,\u201d and via the IRS, \u201ctaxes.\u201d This quote has survived 221 years but will not survive another 100. The problem is most funeral home owners [\u2026]<\/span><\/p>\n","protected":false},"author":13,"featured_media":3160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[216,9],"tags":[112],"yoast_head":"\nStep 4: It\u2019s Tax Time Again | Funeral Home Consulting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theforesightcompanies.com\/blog\/step-4-its-tax-time-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Step 4: It\u2019s Tax Time Again | Funeral Home Consulting\" \/>\n<meta property=\"og:description\" content=\"Tax planning issues, four decisions to make for your business return and things your accountant should know. I\u2019m going to open your 2020 vision on taxes based on some quotes. So, while you may not believe me, believe them. Taxes are so important to plan because they are a huge cost to your business with no return on investment. \u201cOur new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain except death and taxes.\u201d \u2013 Benjamin Franklin, 1789 Those of us in funeral service have a unique perspective. We have seen how the government, via the FTC Funeral Rule, has messed with \u201cdeath,\u201d and via the IRS, \u201ctaxes.\u201d This quote has survived 221 years but will not survive another 100. The problem is most funeral home owners [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theforesightcompanies.com\/blog\/step-4-its-tax-time-again\/\" \/>\n<meta property=\"og:site_name\" content=\"Funeral Home Consulting\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-08T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-24T22:04:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theforesightcompanies.com\/wp-content\/uploads\/2020\/06\/funeral-and-cemetery-consultants-dan-isard-the-director-finance-101-taxes.png\" \/>\n\t<meta property=\"og:image:width\" content=\"429\" \/>\n\t<meta property=\"og:image:height\" content=\"579\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Dan Isard\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" 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