Date: December 1, 2022
How to Pay Less in Tax – LEGALLY!
‘Tis the season…for the rest of the year to seemingly pass us by in the blink of an eye! With the holidays approaching, the last thing on your mind may be taxes, however money is probably at the forefront of your thoughts. According to Forbes, an estimated 93% of business owners overpay their taxes each year, it’s more than likely that you are part of the majority here. That’s a lot of money coming out of your pocket unnecessarily! You’re probably left wondering how you can legally pay less in tax without getting into trouble.
If you think that your tax preparer or accountant is saving you money, think again. Most tax preparers and accountants are reactive – they input the figures you provide them, and in most cases are not well versed in tax saving strategies and how to implement them – but, what they don’t know could be costing you thousands more in tax than you should owe. Who can help you?
The answer is a qualified, experienced tax strategist. They can provide expert guidance and also take a look at your current financial position and entity structure to custom fit a transparent, legal plan tailored to your specific needs that will help you pay less in tax, legally. As a small business owner, you benefit the most from avoiding overpaying your taxes. Think of what you could do with the thousands in savings – invest in your retirement, save to send your children (or grandchildren) to college, re-invest in your business, buy a new vehicle, hire a new team member, etc. The strategies we help clients with are proactive and are applied and implemented year-round, so you generally will save money every single month.
Most business owners are intimidated by the IRS because of the ridiculously confusing, long-winded tax code written to intentionally confuse taxpayers. It can seem easier to just overpay instead of trying to understand everything in the 70,000 pages of tax rules and jargon. Get it wrong and you could get slapped with interest, penalties and fees. Small business owners don’t have the time to decipher the rules because they are busy running their businesses!
We are passionate about helping small business owners take advantage of the tax savings provisions that are out there, buried under pages of tax code. Having a Tax Expert on your side will help eliminate the confusion. If you think that you could be one of many business owners that overpay (every single year), or if you just need some help planning for what is coming – we are happy to help. Contact one of our Tax Strategists here for a complimentary assessment.