Are you paying too much in taxes? Do you feel like your current accountant or CPA isn’t digging deep enough into the tax code to find creative ways to save on your taxes? If you do, you’re not alone! Many of our clients felt this way prior to working with us. Now, they’re saving an average of 41% on their tax bill!
At Polston Tax, we have an entire team dedicated to offering Advanced Tax Planning services for qualified business clients. Each plan is customized specifically for you to ensure your business is properly structured, that your spending to maximize tax deductions, and you’re saving as much money as possible! Stop paying too much in taxes. Call 844-841-9857 or click the Contact Us button below to schedule your free tax strategy session.
Are You Paying Too Much in Taxes?
When you are paying your taxes, it may seem like you’re spending a larger amount than you feel makes sense. You may not be certain how to address the issue. If you’re debating on what to do, we can help at Polston Tax.
The reality is most small businesses owners pay more in taxes than they should be. Below are 3 ways you can tell if you are paying too much!:
- Your CPA never asks in–depth details about your business: One way you can tell if you are paying too much in taxes is determining how well your CPA knows you and your business. There are many strategies for reducing your tax bill, but they require someone to know the ins and outs of your business in order for the strategies to be developed. They should know how your business is paid, what specific functions and services are involved, how involved you are in each facet of the business, etc. Chances are if your CPA doesn’t know every detail about your business, they are not looking at tax reduction strategies that can keep more money in your pocket!
- Your CPA doesn’t know your long-term goals for your business: If your CPA doesn’t know your long-term goals for your business then they could be missing out on proactive strategies to save you money in the long run. Proactive planning is key to ensuring you don’t pay too much if you go to sell your business or make a purchase of assets without proper guidance.
- Your CPA never asks where you spend your money personally: The interesting thing about the tax code is the same expense, if structured differently, can be deductible in one instance and not deductible in another. Your CPA should know where you are spending your personal money so they can help develop strategic plans to help those expenses take a chunk out of your tax bill.
Possibilities for Advanced Tax Planning
You have a wide range of options for advanced tax planning to save your business money. If you’re looking for the best fit for your needs, we can work with you at Polston Tax to identify the right solutions. You may be surprised how many tax deductions you could take advantage of for various business situations. When you work with us to holistically evaluate your financial situation, we may be able to catch many different possibilities for tax breaks.
The following are just a few options you might be able to use.
Section 1202
According to Section 1202 in the United States tax code, you are not liable for federal taxes on specific business stocks gains. The qualified small business stock (QSBS) may include shares in a C-corporation meeting specific IRS criteria.
If you own a corporation and your investment meets exemption criteria, you might be eligible for a tax break that could save you thousands of dollars.
Installment Sale
Another option you may be able to use is an installment sale. According to tax code 453(a), you may receive installment payments for a business you sell rather than receiving an upfront amount. This series of payments gives you a deferred tax liability. While providing a more flexible ownership transition for your business, this option can also give you a tax advantage for your income long term.
Captive Insurance Companies
Finding an insurance company to cover a high-risk business can be challenging. If you’re looking for solutions for a business with substantial risk, you could create your own insurance company for coverage. When you form an 831(b) captive insurance company, you can customize your insurance policies to be tax-deductible for your requirements.
Defined Benefit Plans
Even if you are the only employee at your business, you can set up a defined retirement benefit plan and qualify for tax deductions. This type of plan typically allows businesses to contribute more each year than other types of plans, such as the 401(k). As an employer, you’ll be able to deduct taxes for your contributions. Meanwhile, employees receive fixed benefits for retirement. It’s a mutually beneficial setup for your enterprise.
Research and Development Tax Credit
Does your business contribute to innovation for the public good? If so, you may be eligible for a research and development credit. Beyond the science and tech fields, this tax credit can be applied for businesses that develop new designs or improve existing products. You can explore your options for demonstrating innovative contributions, and then reap the benefits in significantly reduced tax liability.
Our Advanced Tax Planning Services
Our knowledgeable team can provide a broad range of services for advanced tax planning. We can help you identify opportunities like using installment sales or tax credits. Overall, our services can equip you to:
- Minimize your yearly tax bills.
- Maximize your tax-sheltered investment income for your business.
- Maximize any tax credits and deductions you may be eligible for.
Let us help you create a custom plan personalized to your requirements and enable you to save as much as possible when you pay your taxes. We’ll help you explore all your options for tax payments and identify any advantages that might work for your business. You can trust our team to identify any opportunities that may be available to you and optimize them to your benefit.
As we work with the IRS every day, we have wide-ranging knowledge for how to manage key operational requirements. We know what to expect from the IRS and which strategies are most successful. From beginning to end, we’ll work tirelessly on your case as your trusted advocate. We assign a skilled team to be behind you throughout the process, providing legal expertise, accounting insights, case management and other critical services as required.
Why Work With Polston Tax
Sure, most CPAs use a handful of tax deductions. Some here. Some there. What we do is strategy. We plan ahead and save business owners major dollars off their tax bills. When you work with our team, we’ll deliver trusted services to meet your requirements.
Simply put, we’re the best at what we do. We’ve been in the business since 2001, and we only deal with tax compliance, so we understand the complexities of the field. Our highly experienced team offers personalized solutions for every client, meeting individualized needs and helping you get the most value from our services.
We provide full-service accounting and tax services to help you navigate complex requirements. Should you encounter any tax issues, we’re here to bring the situation to swift resolution with legal assistance and support. If you’re interested in getting more information about our trusted solutions, we’re ready to help. Get in touch with us today through the contact form below.