Date: May 26, 2022
How to Stop Bleeding Cash
Since tax day just recently passed, many business owners are feeling the impacts of higher tax bills and are wondering how to pay less next year. Nearly one-third of small business owners BELIEVE they overpay their taxes however – the truth is that 93% of business owners overpay their taxes. Those 93% also include the business owners with high-dollar CPAs. Even the federal government ADMITS business owner’s overpay their taxes by $50 BILLION each year!
So, how is it that all of these business owners are continually overpaying in tax, even when they have a CPA? Quite simply it is because they do not have a tax strategist on their side ensuring they have a strategic tax plan in place. With the ever-changing complicated tax laws and codes, your typical CPA is not doing strategic work to find you savings opportunities in the 70,000-page tax code, they’re just preparing your returns based on the information you give them. The problem is, most business owners don’t realize that they qualify for thousands and thousands in credits, deductions, and opportunities to LEGALLY reduce their taxes. So, the information they give to the CPA to put onto the tax return often is missing crucial opportunities for tax reduction.
As a business owner, it’s important to do all you can to spend every dollar wisely. A tax strategist can help you navigate the tax code while advising you about the opportunities you didn’t realize were available to you. Most business owners don’t know about them because they are hidden under purposely complex layers and complicated, confusing legal mumbo jumbo. The IRS knows that the average taxpayer gets frustrated or overwhelmed by all the rules, laws, and intricacies of the tax code – so, they just end up overpaying. The truth of the matter is, you don’t know what you don’t know – and we are passionate about helping business owners reduce or eliminate their tax bill so that they can grow their business and help give back to their communities and retire sooner.
Implementing a tax plan early in the year will help you win during tax season since it is a year-round, proactive process to reduce your taxes THROUGHOUT the year instead of waiting until the last minute and missing out on savings opportunities. If you have an accountant already, keep in mind that most accountants that prepare your tax returns are NOT saving you money unless you have specifically discussed and implemented a tax plan.
Our tax strategists help make sure that you are utilizing all of the strategies available to reduce or eliminate your tax obligation. There are many different combinations of strategies, and our experts will find which combination of strategies works best for your personal and business situation. If this is something you feel is worth exploring, contact one of our tax strategists for a complimentary assessment.