Tax Planning and Preparation

Have you considered paying yourself more out of your business?

In some cases, it actually might make more sense to pay yourself less — but bring home more at the same time. It all comes down to having the right plan in place.

If you’re not clear on how you could accomplish that, then reading this page right now could be very important.

 

We have other blog posts and pages about entity structure, but that’s just one aspect of a proper plan for growing the tax-profitability of your business.

When we meet with a business owner, we often wear many hats — CFO, Marketing Advisor, COO, etc. — truly whatever fits the needs of our small business owner client most precisely. Because business owners can make rash decisions in times of perceived crisis (like during “tax season”) — and they often have unforeseen complications down the road.

Which is why it’s critical that we take a look at how things are set up for you and your business before the tax preparation process. When we take the time together to take a clear-eyed look at your accounting reports, and plan ahead for the best, most tax efficient outcome for your business, then you can have the confidence that you are building in a financially smart way.

And every time new tax code legislation comes through, it opens up new opportunities for businesses to save on their bottom line, as it relates to tax, and other aspects of your financial picture.

Frankly, we’d like to avoid all of the unnecessary expenses and taxes which so many businesses end up paying, simply because they didn’t plan ahead of time.

But we won’t know what the best setup for your business would be, until we talk.

Consider these questions …

  • Am I proactively planning to deal with tax law changes?
  • Have I determined my financial goals — and how taxes will affect them?
  • Will I maximize my tax-free earnings in retirement (and before retirement)?
  • Do I have an exit plan for my business — and is it written down?

Again, all of these issues always seem “procrastinate-able” on the front end … but if you don’t have a good answer to more than a couple of the above questions, you might be cruising for a financial bruising.

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