Tax Advice Series: Part One
How Can Business Owners Save on Taxes?
Tax planning is a critical element to smart business growth and scalability; and ultimately increased profit margins. Tax planning is not just for the big guys — it’s important for all businesses, especially small ones that have only one or two shareholders. Stay tuned as we take you through advice from the tax pro over the course of the next few weeks. Learn more about how to setup your business for success!
As back office project managers, we see every single day the importance of preparing for tax time from the very start of the formation of your business entity. We recently had the pleasure of sitting down with tax professional Timothy Okeowo with Victory Tax & Accounting Services to discuss how business owners can efficiently and effectively manage their taxes through proper strategic business planning.
One of the number one questions that Certified Public Accountants (CPA) and tax professionals such as IRS Enrolled Agents (EA) are asked is, “How can I save money on my taxes?” Through our interview, we certainly determined that the number one piece of advice that can be given to business owners is that tax planning MUST be done properly at the beginning of each year of your business plan. Didn’t have time to sit down at the very beginning of the new year? Make sure you’re giving this enough priority to sit down and implement your planning no later than June!
In beginning your tax planning, compiling and reviewing your key financial documents is imperative. These documents may include, but not be limited to; previous & current projections, profit & loss statements, cash flow statements, income statements, retirement & other investments, and if you own equipment make sure to check for depreciation eligibility. We encourage all business owners and those looking to start a business soon to reach out to a tax professional, such as Timothy, and begin planning now before it costs you time and money in the future.
Proper planning ahead will save you time, money and headaches; don’t wait, start planning today! Give us a call to learn how we can become an integral part of relieving your financial headaches!