Small Business Tax Planning

Winston Churchill said during World War I that “He who fails to plan is planning to fail.” Very insightful words, today and for everyone.

Some of the tax planning ideas we consider are:

  • Entity structure – Will changing entity type help your tax situation?
  • Accounting method – Are you reporting your taxes in the best method, that is cash, accrual or hybrid?
  • Multi-entity – Should you consider opening another entity?
  • Equipment purchase or building purchase – now, next year, when?
  • Payroll taxes – What is the best withholding amount for the owners if an SCORP? Reasonable compensation should be considered.
  • Retirement plans – Can you or your company benefit from having an employee retirement plan; will the owners benefit personally?
  • Salary vs. distribution – How much and when should you take a salary, a distribution if you are an SCORP? How will Guaranteed payments affect the Partners’ taxes in a partnership? Should the owners take a dividend in a CCORP?
  • Depreciation methods – Section 179 or non-accelerated methods. Which one is best?
  • Tax-exempt investments?

It doesn’t take time and a pair of eyes to plan your taxes, it takes knowledge.

You can measure the extent of our knowledge when you call today for an appointment to learn more about Padgett at 586-323-2360.

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