Tax Reduction Planning
Lower taxes?
Bet that got your attention.
Taxes are an aspect of running a business that nobody enjoys, and we think everyone can agree on that. But it doesn’t have to be as bad. At PaperLight Virtual Accounting and Tax, we want to make sure you pay your fair share of taxes, and not a penny more. Overpaying on your taxes takes money out of your pocket that could be used for about a million other things that would be beneficial to you and your business.
But how? Isn't it illegal to not pay all your taxes? Yes, it is. But it is not illegal to pay more in taxes than you have to. Ole Uncle Sam likes it that way. But we don't! Many business owners are overpaying in taxes by simply not having a gameplan. Tax elections and deductions play a large role in your yearly tax bill, and could potentially be optimized for your benefit.
Taxes stink. But they don't have to be as bad with a proactive plan put in place to ensure you keep more money in your pocket.
Electing to be taxed as an S-Corp could potentially save you thousands a year in taxes.
LLC or S-Corp?
That is the question.
You've probably heard of an LLC. For many business owners, forming an LLC is the first step in the business formation process. An LLC is a legal structure that provides members asset protection and greater flexibility in ownership setup. Taxes are determined on profit and loss from the business and passed through to each member's personal tax return at their respective tax rates.
There are many different factors involved, but for many businesses, electing to be taxed as an S-Corp LLC could potentially save thousands on the yearly tax bill. An S-Corp LLC is still an LLC, providing all the asset protection benefits, but changes how members of the LLC are paid and income is classified. We will take a deep dive into your numbers and previous tax returns to determine which tax designation is right for your situation.
Track every expense.
Maximize every deduction.
How can you accurately determine how much you owe in taxes if you don't keep track of every penny of your expenses? We'll help you out: You can't. Every aspect of your accounting and bookkeeping is connected. Tax time becomes substantially easier when your books are clean and up to date at year-end. Tax deduction opportunities are more easily identifiable, making your CPAs job much less cumbersome (less billable hours, too).
Tracking expenses, assets, depreciation, and mileage are all pieces of a proactive tax reduction plan. We believe every small business owner deserves to not overpay on taxes, and we work diligently to ensure that. Put our accounting and bookkeeping services to work for your tax bill.
