How do I avoid paying taxes by showing an acquisition as an expense?

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December 10, 2020

by a searcher from University of Virginia in New York, NY, USA

My current business will make a great profit this year and I want to use the profits to acquire a business. How do I show the acquisition as an expense in the P&L in the current business so that I can lower my tax expense?

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Reply by a searcher
from University of South Florida in Miramar, FL, USA
I would suggest you check out Tom Wheelwright, he is arguably the best CPA in the world and has done taxes for Robert Kiyosaki and Tom’s tax saving strategies are used by Warren Buffet.

He has a book, as well as a tax-saving firm.

google his name or “How to create Tax free wealth”

I have not fully read the book, about halfway through useful strategies for just about any business owner.

Book a call with his firm at https://wealthability.com/services/. I’m sure they can work with your budget as they work with a variety of businesses from small to large. He’s a genuine guy at heart.

No I’m not sponsored by him. My experiences with him have just been that great! I have not used his advisory services but will very soon.
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Reply by a professional
from Walsh College of Accountancy and Business Administration in Detroit, MI, USA
There is no easy answer for this question. Many more facts are needed in order to identify what, if any tax planning opportunities exist and whether they can be implemented before the end of your tax year (not sure if your company is on a calendar basis of fiscal year). Best advice is to hire an CPA to assist you. Send me an email if your interested and we can set up a date and time to discuss - redacted
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