As a business owner, the business you have built may represent a significant portion of your net worth. Let us work together to help you grow and protect what you have worked so hard to build.
This is part of a series of posts to help business owners maximize the potential for their business.
Tax Optimization
Tax Credits & Deductions
- Is your business receiving the tax credits and deductions you are entitled to receive?
Your business may be humming along generating significant profits for you, but it may not be utilizing optimal tax strategies. The IRS allows business owners to take various credits and deductions to reduce your tax liability as a businessowner each year. Are you taking advantage of this?
Entity Selection
- Was the entity for your business structured to grow after tax value to you?
Many businesses probably start as a sole proprietorship. Eventually it may grow to a partnership. However, the entity selection may not be providing you as an owner the most tax preferential treatment when it comes to what you have to report as taxable income at the end of each year. Good entity selection should not only provide liability protection to you as the owner but provide you greater tax preferential treatment to protect your earnings.
Reduce Lifetime Taxes
- Do you want to reduce the share of profits taxed over your lifetime?
When you think of tax planning, you likely think of “what do I need to do to make sure I don’t get audited by the IRS this year?” How often do you think about how to reduce what your business (i.e., you) pay in taxes over your lifetime? There are numerous opportunities for business owners to shift income recognition from higher tax brackets today, to lower tax brackets in the future.
Let Parable Wealth Advisors help you optimize the tax planning for your business today and tomorrow. Contact us to learn more information.
