An individual who pays taxes via a W-2 form represents a relatively straightforward IRS filing process. But what of those who have many investments as a mainstay of their income; run sole proprietorships; self-insure; drive extensively on their own gas without reimbursement from their company, or have a passion they seek to transform into a business, etc.? These variables lay the foundation for creative accounting, where both individuals and businesses can take advantage of the many laws designed by our government to encourage industry.

Admittedly, the wheels of government are greased for small business. Making a determination of whether you will save more money as one business type or another is a major component of creative accounting. Individuals can often maximize their tax deductions by setting up small businesses or transforming existing companies from one entity type to another. Talk to Lawhorn & Associates today if you feel you might be missing unexplored tax options for yourself as an individual and / or your business.