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.
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!:
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.
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.
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.
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.
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.
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 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.
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.
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 nationwide 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.
