Business

We work closely with our business clients to adopt a proactive approach to tax planning so business deductions are tracked and captured throughout the year. This positions our clients to make informed decisions to maximize their deductions and overall tax efficiency.

• Business Expenses: Identify and deduct all legitimate business expenses, including office supplies, rent, utilities, marketing costs, travel expenses, and professional fees.
• Depreciation: Utilize depreciation methods to expense the cost of business assets over their useful life.
• Section 179 Deduction: Consider utilizing Section 179 deduction to expense the full cost of qualifying equipment and property in the year of purchase.
• Research Tax Credits: Research and take advantage of available tax credits for your business, such as energy-efficient property credits or research and development credits.
• Insurance Premiums: Deduct premiums paid for business insurance, including liability, property, disability, health and business interruption insurance.
• Retirement Contributions: For you and your employees.
• Education & Training: Business education for yourself or your employee is deductible.
• Professional Fees: Deduct fees paid to professionals, such as accountants, lawyers, or consultants, for services related to your business.

Retirement contributions not only help employees save for their future but can also provide tax advantages for both the business and the employees.   Retirement accounts like SEP IRAs, SIMPLE IRAs, or 401(k)s can reduce taxable income while planning for the future.

We work closely with our clients to ensure timing strategies align with tax regulations and are suitable for the specific business circumstances.  By carefully planning when income is recognized and/or expenses incured, taxable income can be optimized and overall tax liability can be minimized.

Deciding when it's time to incorporate a business depends on various factors, including business goals, the financial situation, and the level of liability protection that is needed.

Choosing the right business structure is a strategic decision for managing taxes effectively.

The choice of business structure impacts how income is taxed, the level of liability protection, and the ability to take advantage of certain tax deductions and credits. 

Net Operating Losses (NOLs): If your business experiences a loss, you might be able to carry forward NOLs to offset future taxable income.

QBI Deduction: For pass-through entities, take advantage of the QBI deduction, which allows certain businesses to deduct up to 20% of qualified business income.