Reducing taxes can have an enormous impact on your financial plan. Our in-house tax professionals provide extensive leadership and strategies designed to minimize your taxes over time.
Top 5 Tax Saving Tips for Business Owners:
1. Start-Up Costs: Start-up costs are amounts paid or incurred for investigating or creating your business. Those that are paid or incurred before the actual business start date are amortized over a period of years, whereas costs incurred on or after the business start date are fully deductible in the year they were incurred. By planning for the earliest possible start date for your business, you may be able to convert some start-up costs to current year tax deductions and accelerate your tax savings.
2. Retirement Plans: Defer income taxes through retirement plan contributions. Sole proprietors typically have access to more retirement account options with often greater contribution limits. Common business retirement accounts include SEPs, SIMPLE IRAs, defined benefit pension plans, defined contribution retirement plans, and solo 401(k) plans.
3. Health Savings Accounts (HSAs): HSAs allow eligible individuals and families to save for, and pay, health care expenses on a tax-free basis. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year over year if they are not spent. Interest and other earnings accumulate tax free. In order to contribute, you must be enrolled in a qualified high deductible health plan.
4. Business Travel: Plan vacations around business trips to convert some costs of nondeductible vacation travel into business travel.
5. Hire Your Children: Children under the age of 18 working for a parent-owned unincorporated business, are exempt from FICA taxes.
Our Tax Services Include:
- Tax Return Preparation
- Tax Projections and Planning
- State of Residency Changes
- Charitable Giving
- Tax Loss Harvesting
- Company Retirement Plans
- Roth Conversions
- Marriage and Divorce
- Estimated Tax Payments
- Correspondence with Tax Authorities
- IRS and State Notice Representation
- Assistance with IRS and State Audits
- Answers to your Individual Tax Questions