Wednesday, April 8, 2020

Quest Training, Inc.

In 1990, I created a consulting company and incorporated with By-Laws, Charter, Stock I could sell, and a Corporate Seal.  The NC lawyer, referred to by my CPA, that incorporated me charged $500 which at the time I thought was a lot of money for the pissy little amount of work he did.

For 25 years, I used that sub Chapter S corporation as a methodology of reducing my tax burden and it worked although my CPA charged me more than I thought was reasonable especially since we went to school together.  However, he swore up and down that he charged me substantially less than he charged other clients for the same service.  He prepared my quarterly reports, my Federal and State taxes for the Corporation and my personal taxes. 


Each year, Quest Training, Inc., lost money and that loss always reduced my personal taxes more that the fee I had to pay my CPA.


I leased cars through my company, making them deductible.
All my vacations were a business deduction because they were planning meetings for the Board.
Once the lease on the car had expired, I purchased the vehicle and leased it to the company.
My home office was deductible.
When I started teaching online classes, my computer, internet connection were deductible.
When I started writing courses with a company in India, I had numerous other deductions.
The pool that was built was a recreational expense the for company President.

I did just enough consulting each year to keep my company legitimate.

In 2015, I dissolved my company.


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