Make Year End Tax Planning a Priority

Straight Talk: Make Year End Tax Planning a Priority

Welcome to Straight Talk.  Straight Talk is just that. I don’t mince words. I tell it like it is.

I have reached an age where the nonsense, the B.S. and the snake oil salesman who don’t know what they are talking about just won’t do. I have over 35 years of experience in my industry, advanced degrees and countless hours coming alongside business owners to build rock-solid foundations and use the most advanced business, legal and tax ideas and strategies to save tens of thousands to hundreds and yes even millions of dollars, protect what you have and increase your lifetime net worth.

I appreciate your enjoyment of our insights on growing your business by design, changing your wealth and increasing your choices.

Is year-end tax planning on your list of “to-do’s” for your business?  If not, it, should be.

Many business owners become preoccupied with running their business and makings sales. They think by doing this everything else will take care of itself. It won’t and it doesn’t. In fact. Lack of tax planning can cost a business tens of thousands of dollars.

Tax planning put simply, is the process of looking at various tax strategy options to determine when, whether, and how to conduct your business and personal transactions so you can either reduce or eliminate your tax liability.

You might be thinking, why is tax planning so important?  

Like a sales strategy or improving the systems of the business tax planning are strategies designed to help you increase your revenue, increase your profit and increase your net profit. That’s priceless.  

Many small business owners ignore tax planning.

They don’t even think about their taxes until it’s time to file their taxes, but tax planning is an ongoing process and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses and meet with your CPA or tax advisor on a continuous basis to analyze how you can take full advantage of the credits and deductions that are legally available to you.

Done right, tax planning can position your business for its best year yet.

Recently, I was working with a client who wanted to protect more of her money from being taxed. We set up a special structure called a defined benefit plan. This is a  more advanced structure but at its core she will be able to put away roughly 60 thousand dollars a year and it won’t be subject to any tax. That’s a lot of savings.

Tax Planning Strategies

Countless tax planning strategies are available to small business owners. Some are aimed at the owner’s individual tax situation and some at the business itself, but regardless of how simple or how complex a tax strategy is, it will be based on structuring the strategy to accomplish one or more of these often overlapping goals:

  • Reducing the amount of taxable income
  • Lowering your tax rate
  • Controlling the time when the tax must be paid
  • Claiming any available tax credits
  • Controlling the effects of the Alternative Minimum Tax
  • Avoiding the most common tax planning mistakes

I recently met with a client who had been running his business as a sole proprietorship instead of a corporation. He had been doing this for years and his tax preparer never recommended the benefits of incorporating his business from a tax perspective. In one simple meeting, I showed him how he could save more than $12,000 per year EVERY year.

Right now is the best time to put some final touches in your planning and keep more of your hard earned money in your pocket where you can take advantage of it.

I am making a special offer to any business owners who want to shift their tax planning and preparation. With a tax plan, I will do their business return for cost only. Without tax planning, I will prepare the business tax return at a 30% reduction.

Act Now! Keep more of your money and have a 35 years tax attorney in your corner.