How Strategic Tax Planning Can Boost Your Bottom Line
Savvy business owners strive to cut costs in their business operations. They avoid unnecessary spending wherever possible. And they make sure their equipment is efficient and their staff are working productively and proficiently. Similarly, wise 1099 contractors make sure they are spending only on items that are essential for them to undertake their work. But, if you are doing only that, you could be overlooking an important aspect of cutting costs that is vital in every business or work situation. Your taxes.
Preparing your own taxes can be intimidating. Knowing how to set up your business, which deductions to take, or how to pattern your spending are not always easy decisions. On the other hand, having your business tax planning conducted by a professional tax expert often can pay for itself- here’s how.
How a business tax consultant can help to minimize your taxes
Strategic tax planning offered by an expert business tax consultant often can make a significant difference to your balance sheet and even in some cases tip the scales between profit and loss. Not only that, but some deductions often are specifically designed to assist you as a small business owner, medical or legal professional, or contractor in coping with the costs and challenges of running a business. So why not make use of them?
Our tax experts have the experience and the knowledge to determine ways in which we can help you cope with your tax demands. In some cases, we might find additional deductions you can take. In others, we might suggest you operate your business differently to take advantage of a tax benefit that might have been designed to help you in your business operation. In addition, we will advise you on strategies you can implement during the year to ease your tax burden the following year.
Your Corporate Set-up
We can help to ensure that you are operating under the right business structure. Even if you have some knowledge of the various structures, you cannot always be certain which type of company is best suited to your individual circumstances. For example, you might be operating as a sole proprietor and are wondering whether that is the right way to go or whether you will gain benefits as operating as an Limited Liability Company. Or perhaps you are interested in forming a corporation of some kind.
Rather than try to work it out for yourself, you might want to visit us and let us provide you with the advice that you need. After all, when it comes to corporate structures, no one size fits all. Your special circumstances might mean a different business structure from the one under which you are operating now. We will let you know which is the best set-up under which you should operate.
You have worked hard for your savings and investments and it is always a good idea to protect them. In some cases, such as those in high-risk professions, the need for asset protection is greater. Should you face the risk of being sued in the future, for example, our expertise will include asset protection to ensure your peace of mind.
Should you require bookkeeping services in addition to tax preparation, we can provide them. Placing your taxes, asset protection, and accounting all under one roof will save on costs, too. Our staff will be able to assist in almost all matters relating to your accounting and taxation, thereby covering all bases and ensuring that you do not miss a beat when it comes to all your financial needs.
Your Personal Taxes
Sometimes, particularly when operating as a sole proprietor, your personal finances can become mixed up with your business finances. We can advise you on your own set-up and how best to conduct both sets of taxes so that they do not become entangled and cause problems. We also can provide accounting services for your personal account so that the taxes that are payable on that, too, are minimized.
Our strategic tax planning is aimed at helping you lower your tax bill and enabling you to cope with your financial situation, whether it be business, professional or personal. We will ensure your taxes are correctly prepared and minimized, thereby enabling you to devote all your energies to running your business or pursuing your profession. Contact us today for a no-obligation consultation.