Does it seem like you’re always paying more in taxes than other small business owners do? If so, it’s likely because you’re missing out on deductions that help you offset your income and pay less taxes. If you fail to claim enough deductions, you will end up swimming in tax debt.
Is Learning About Deductions the Answer?
Some small business owners spend time immersing themselves in tax codes to get all of the available deductions. They know the codes inside and out, but they still miss the deductions. That might seem crazy, but the reason is simple. They don’t engage in year-end tax planning. Year-end tax planning allows you to find the best tax deductions for your small business.
Your small business financial advisor will help you decide if you should take deductions now or the following year. Your advisor can even offset expenses and income in order to help you get the best tax breaks. During your year-end tax preparation, your business advisor will look at a variety of factors, including your inventory and startup costs. Your planner will look at the big picture and determine how to get you the best rates.
Find Those Hidden Deductions
Your business advisor will also help you find those hidden deductions that people commonly miss. Small business owners often miss things like self-employment taxes and health insurance premiums, but your business advisor can help. Tax planning will ensure that you get all of your deductions. Not only that, but you will use them at the right time.
If you are sick of paying more than your fair share, you need the help of a small business financial advisor. Your advisor will take the lead on your year-end tax preparation, and you won’t have to worry about a thing. That means you will have more resources to increase your assets and start building wealth.
Charles P Myrick CPA, Washington DC tax preparation firm, specializes in accounting and bookkeeping services for new business start ups and entrepreneurs. If you are a new entrepreneur, give us a call. We invite you to learn more about the accounting services for small business that are available: (202) 789-8898.