Consider adopting a qualified retirement plan to benefit owners and employees while reducing your tax bite.
Using depreciation for tax planning.
Because of the wide ranging depreciation options for small businesses, equipment depreciation brings great flexibility into taxable income. You may be able to:
Talk to an adviser when your business is losing money.
Periods of economic downturn can be the most important time for tax planning. Our advisers can help to ensure your business gets the full benefit of any losses from operations. If your business is a Partnership, S Corporation or LLC, our advisers will consider owner basis issues to make sure that any losses are deductible in the most beneficial period.
If you have acquired or substantially renovated a building in the last 10 years, consider a cost segregation study. A study tracks the underlying costs in a project to the specific assets received, usually shortening depreciation life in the process. For land, a study can accelerate depreciation deductions by allocating costs to fencing, paving, landscaping, etc. For the building, expect accelerated depreciation from carpeting, cabinetry and some electrical, plumbing and ventilation work – just to name a few.
Plan ahead if you plan to sell your business.
Depending on the structure of the entity and the selling transaction, the tax results can vary wildly. Discuss with our advisors your long-term exit strategy so that the proper groundwork can be laid today. If your business is a C corporation, special attention is needed to minimize the effect of double taxation. Effective tax planning can make a tangible difference in your company's' cash flow. Tax planning is concerned with the timing and method of reporting income and deductions. The basic philosophy is to defer the payment of tax. Accelerating deductions and postponing recognition of income items typically accomplish this. There are many ways to save tax dollars. Finding the ones that apply to you can be time consuming and confusing. Our accountants can provide you with superior technical and analytical skills to help you minimize your taxes and maximize your bottom line.
Tax strategies for individuals
The accumulation and preservation of wealth requires careful planning to maximize earning and minimize taxes.
Tax planning involves multiple variables, and must be done over multiple years, to take advantage of complex state and federal laws that may allow you to save a great deal in taxes. A few areas to consider and review are:
Tax planning must also be done with an eye toward the ultimate transfer of wealth to the next generation. Our CPAs and financial planners can help you avoid unnecessary taxes and develop a coordinated financial plan that is consistent with you goals and values.
Let us help you achieve YOUR goals.
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This website is for informational purposes only and not an offer to buy or sell securities. Leslie Strebel is licensed in the states of New York and New Jersey. .
Angela O'Neill is licensed in New York, Florida, Georgia and Maryland.
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