Minimizing Tax LiabilitiesBondBeebe
Most small businesses pay more tax than necessary, because they don’t take advantage of common business tax deductions and tax credits. As your choice of business structure will largely determine how your business income will be taxed – should you incorporate? And if so, which business entity should you choose? Do you know what the tax law has to say about what constitutes business income? Are you making the most of saving the environment in exchange for business tax credits and deductions? And what’s the difference between expensing and depreciating? If you want to minimize your business’s tax bill, solid tax planning needs to be a year-round event.
Thankfully, you can reduce your tax burden by deducting most of what you spend in the course of business. Bond Beebe Tax Planning & Compliance experts can help reduce your tax obligations and make paying taxes less anxiety-provoking. Our team of principals and professionals will ensure your accounting system is the most cost-effective, handle the complex tax structures of pension plans and other forms of compensation, and provide you with a customized solution based on a detailed assessment of your business. Before you take any deductions or credits, we’ll make sure that you can identify and optimize what the tax law has to say about what constitutes business income. We can even assess the right business structure to save you money and headaches, as the form you’ve chosen for your business will affect your personal tax obligations down the road if and when you decide to sell.
Additionally, our Accounting & Assurance team can ensure you’re making timely payroll tax filings and provide insightful financial advice on such matters as how giving employees a flexible spending account can provide attractive tax benefits to them and the company, along with a way to help them meet medical care needs. These are just a few ways we’ve been keeping businesses and families in the most advantageous financial position possible for over 80 years.