Are you a business owner who feels like you’re doing everything yourself? Are your taxes always a last-minute scramble? Do you feel like you’re missing out on opportunities to save money and grow your business? If so, you need to consider some business tax planning strategies for your taxes. Planning your taxes may seem like a daunting task, but it’s essential if you want to keep your business running smoothly.
Businesses need tax planning to grow efficiently and avoid paying excessive taxes. Understanding the different aspects of tax planning can effectively lower your tax liability and minimize your overall tax burden.
Tax planning is an essential part of any business strategy, so make sure you do it right. In addition to solving your tax problems, it can also help you save money. Learn how tax planning can help you save money and maximize your assets.
Tax planning is critical for businesses of all sizes
While every individual is required to pay their fair share of taxes, there are a few things that business owners can do to make sure that they are getting the best deal possible. One way to reduce your tax bill is to plan ahead of time. This way, you can minimize your liability and avoid errors.
Most business owners are surprised by the tax laws and penalties. By taking advantage of the various tax benefits that are available to them, businesses can maximize their profits. Aside from saving money on taxes, business owners can use tax planning strategies to boost their cash flow, expand their business, and increase profitability.
Do I need to hire an attorney?
Taxes are one of the most complex and confusing aspects of running a business. From figuring out what you owe to staying compliant with tax law, there’s a lot to keep track of. This is where a tax attorney comes in.
A tax attorney can help you with tax planning and tax resolution, ensuring that you pay only what you owe and that you’re in compliance with the law.
In addition, a tax attorney can help you resolve any tax problems that may arise, such as an audit or dispute. As a result, hiring a tax attorney is an important part of running a successful business.
Case Study: Tax planning for a financial advisor client
Damiens Law had a client come to our firm with an issue concerning their tax debt. They were about $50,000 behind in their payroll taxes. It got to the point where the IRS was garnishing their wages and taking the money from the commission checks. Because of this, their business didn’t have any revenue coming in.
We quickly got to work on a payment plan agreement to pay off the payroll tax debt. The client was put on a plan where they paid about $2,500/month to work towards paying off the tax debt.
We go above and beyond basic tax resolution services
Unlike large tax resolution companies, our firm goes beyond and helps with tax planning on the back end.
Once the payment plan was in place, Damiens Law was able to go in and work on tax planning for the client to help offset the monthly payment.
They were saving $2,500 a month on taxes – not only does this offset the payment they have to make on the current tax debt, but it also sets them up to be more profitable in the future.
How to reduce your tax liability
Many small business owners don’t know how to reduce their liability. There are several methods to do so, and it’s crucial to understand your tax obligation before you develop a tax plan.
One strategy is to make smart investments and purchases that will reduce your taxable income the following year. Regardless of the size of your business, a few smart moves in January can help you reduce your tax liabilities.
Contact us online or call (601) 957-9672 to schedule a free consultation.