Business tax planning strategies ebb and flow, and if you want to ensure you’re paying the least amount of taxes, maximizing your refund, and still staying within the bounds of law, then staying on top of those trends is crucial.
Want help? Need to know the latest trends? Here are the four business tax planning strategies we’ve seen pick up steam in the last few years;
- Utilizing technology. Technology is making tax management easier and more efficient than ever. There are tools and software that can help you with budgeting, cash flow, invoicing, payroll, and everything in between, and it all means a more streamlined tax filing process when the time comes. (Want recommendations for tax tech? Contact us!)
- Knowing the news. Tax reform has been in the works for much of the last year, so staying abreast of the latest developments is key if you want to leverage them and optimize your refunds and tax credits.
- Changing your entity. Revisiting your choice of business entity (C corporations, S corporations, etc.) can have an impact on your tax rate and, subsequently, your total liability across the year. This is especially true with recently passed tax reform.
- Using a pro. TurboTax and other similar computer programs can be good for simple, personal tax returns, but when it comes to business tax planning strategies, it’s a bad idea. Business taxes are best handled by a tax professional who can minimize the liabilities and ensure the company is in full compliance with IRS rules and regulations.
The right business tax planning strategies are crucial if you want to lower your tax burden and boost your bottom line. Want to find out what strategies would work for your business? Get in touch with Five Stone Tax Advisers today. We’re here to help.