Be honest: are you happy with your tax bill?
Most of you will say “NO!” Luckily, there are several strategies small business owners can utilize to legally minimize their tax bill before the end of the year. Tax planning involves structuring your business, finances, and taxes around your lifestyle and goals. Here are some common examples of tax planning strategies:
- contributing to a retirement account or HSA
- employing your children
- changing your business entity
- expense acceleration
- deferring income
- renting out your home
Now, just because you do one or a few of these things doesn’t mean your tax bill will automatically be lower. It’s a great idea to work closely with an accountant/tax preparer (*wink wink*) to ensure that you’re utilizing these strategies in the (LEGAL!) ways that will actually benefit your business and lower your taxable income.
Are you ready to find out how much you could be saving by utilizing these (and more!) tax planning strategies? Schedule your appointment today using the web form on our website.