Are you missing out?
There are a lot of small business owners out there that don’t know a thing about Taxes. Well, let me rephrase that….They know that they have to pay them, but they don’t know how to minimize their tax liability. It’s no wonder, there are more than 70,000 pages of tax code, statutes and case law!
Tax Strategies are NOT just for huge corporations and billionaires. Small businesses are paying tens of thousands more in taxes than they need to. It’s just not something they are aware of. Even if you have a CPA, most people that just prepare taxes are not experts at Tax Planning, which analyzes your financial situation from a “tax perspective” and implements legal tax strategies to ensure tax efficiency.
“It can be one of the easiest ways to minimize your tax liability.”
Buying a new car?Did you know that there are significant impacts to the taxes you pay on a lease versus a purchase? It can cost business owners literally thousands more in taxes in the very first year, and there are legal tax strategies that you should consider. You could be driving a new car for virtually free.
Saving for your kid’s college? Did you know that you can pay your children up to $12,000 per year without incurring any tax, neither income nor payroll, for legitimate services rendered? Think about that. The same $12,000 you are putting in their college fund could be tax deductible! If you are in the 32% tax bracket, that’s almost $4000 LESS in actual Federal Income tax!
Want to increase cash flow tax free? Then you might be interested in learning more about an Accountable Plan, which allows owner employees, to be reimbursed for expenses paid out of pocket. These expenses become deductions to the business and the employee-owner can be reimbursed, creating non-taxable cash flow to them.
Have a home office and a business office? The Home Administrative Officeis for Business owners who have a business location outside of their home, but also maintain a home administrative office for running the business. The business owner can claim the home office as their primary office. As a result, all mileage for business purposes from the home office is deductible, including trips to office(s) outside of the home.
And the list goes on and on. There are literally hundreds of Tax Strategies that can reduce your tax liability and increase your profits!
If you are interested in a FREE Tax Strategy Session for your business contact me Terry@TerryKleinCPA.com.
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