There are several tax planning strategies

Evaluating Tax Status

When it comes to organizing their operations, small businesses have various choices available. These options include operating as a single proprietor, a partnership, a limited liability company, an S-Corporation or a C-Corporation.

Retirement Account

A retirement account can help your small business reduce its taxable income. Such retirement accounts include IRAs and contribution plans. Additionally, setting up retirement plans not only allows you to deduct contributions, but also qualifies employers to apply tax credits.

Accelerating Income

It is common for small businesses to adopt the cash method when handling their bookkeeping and tax returns. This approach focuses on recognizing income only upon receipt and expenses only when they are paid. This can also provide opportunities for tax planning.

Investment Planning

With excess saving and cashflow, there are opportunities to invest in real estate, securities and new ventures. We can analyze various approaches to help you make the most educated decision.

Maximizing Tax Deductions

A deduction reduces the portion of your income that is subject to taxes, which can lower the amount of taxes you owe. As a business owner, you are eligible to deduct expenses from your taxes.

To take advantage of deductions and lower your tax liability, it is important to keep detailed records of expenses, including receipts and any supporting documentation – we can help with that.

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