Simple Tax Planning Strategies For Your Small Business

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Simple Tax Planning Strategies For Your Small
Business
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• For your small business to succeed, its
  essential that you use tax planning strategies to
  lessen the amount of money that you need to pay
  to the IRS. Below are some simple tax planning
  strategies that you should be utilising, and for
  more detailed strategies, its best to seek
  professional help in the form of a tax planning
  and preparation specialist
• Make good use of expenses
• Offsetting your small businesses income with
  expenses is a key tax planning strategy sure to
  save you money, but it is most effective if you
  have a good idea of how much your business is
  likely to bring in at the beginning of the year.

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• Having this information to hand enables you to
  devise a plan to maximize your expenses. Spending
  enough money on business expenses deemed
  legitimate by the IRS, is made much easier when
  you know how much money you are likely to earn
  and doing so should offset much the revenue.
• Its wise to construct a rough plan for this at
  the beginning of the financial year, and then as
  the year goes by you should be able to tweak the
  plan so that it comes into your line with your
  true levels of revenue.

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• Contribute regularly to employee retirement
  accounts
• This tax planning strategy involves setting up
  retirement plans for each of your employees and
  paying into it regularly it is best done at the
  end of the year to ensure that your deductions
  are maximised. Contributions made to employee
  retirement plans can be fully deducted from their
  taxable income, and if you have succeeded in
  making a significant profit at the end of the
  year, then you should certainly think about
  maximising your contribution to the retirement
  account of each employee. Be sure to adhere to
  the federal limits on contributions to employee
  retirement plans, though here is where a
  professional tax consultant can advise you better.

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• Green projects may lead to tax credits
• There are a handful of federal programs
  encouraging green projects, that your small
  business may be able to use to its advantage.
  Putting in place measures to lessen your carbon
  footprint or use alternative environmentally
  friendly ways of generating energy, for example,
  may lead to tax credits. Each program will have
  its own guidelines, so again, consulting with a
  tax professional is a good idea.
• Think carefully about your investment strategies
• Selling any losing investments that your small
  business may have made, could

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• help you to offset any gains that you have on the
  books for the year. If investments have been held
  for more than a year, you will need to think hard
  about the impact of capital gains taxes, and a
  qualified tax consultant can make sure that you
  make the best decisions for the future of your
  business.
• Owning a small business can present many
  pitfalls, least of all when it comes to taxes,
  but having a professional tax consultant working
  with you all year round and helping you to
  utilise the best tax strategies, will certainly
  help to minimise any tax mistakes and maximise
  company profits.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami, Heyer Associates
  would be a right option.