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7 Tax Strategies for Small Business Owners
Small Business Owners are Overpaying Taxes to the IRS
The number of Small business owners who I have met that are overpaying on their taxes is astonishing. Many of them were already working with a CPA and thought there was nothing they could do about it.
Over the years that I have worked with companies, I have noticed how their CPA/bookkeepers/Tax Pro had been preparing their tax return but had not developed a tax plan for the business owner. This is a HUGE mistake as it results in tax overpayment.
Why does Tax Overpayment Occurs?
An overpayment to the IRS often occurs because most tax professionals work under the old model of “tax preparation”, which is a dying industry. We work with the new model called “Tax Planning”.
I’m preparing 7 tax strategies on how you can strategically use beneficial legal tax deduction throughout the year. These tax strategies are frequently overlooked, even by CPA’s!
Uncle Sam has no problem taking your money, but why not plan to keep it for yourself and grow your business? Are you planning to invest in your retirement? How about planning for your kid’s college plan?
Do you want to invest in new equipment or a pay raise? Let’s talk about reducing your tax payments to tackle your 2021 financial goals:
Is your business overpaying taxes to the irs?
We’ve been helping our clients implement tax planning to help them reduce their tax liability. As a result, they’ve been able to save thousands of dollars in tax payments.
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There are several medical reimbursement tax planning strategies available for your business. They diverge in their capacity to establish tax savings.
Claiming Tax Deductions for Fringe Benefits
Confirm your assets are being depreciated and properly capitalized. Often, your accountant might not be doing this properly.
4 Health Care Tax Strategies for your business
Health Care is one of the most powerful tax strategies available to maximize the tax savings of your business. As a business owner, you have more options to save on healthcare and insurance costs.
Maximize the Depreciation of your Assets
Confirm your assets are being depreciated and properly capitalized. Often, your accountant might not be doing this properly.