THERE’S MORE TO TAX THAN “TAX TIME”, “TAX RETURN” OR TAX FILING DEADLINES.
It is about planning, researching, and identifying your best opportunities. It is about taking advantage of the current tax laws and tax credits. It is about your money and your company’s money. No wonder tax planning strategies play an important role in a company’s overall business planning.
So how do you approach your company’s tax planning?
Start early. If you want to minimize your tax bill, be proactive and start planning early in the year. Timely action can nail down a host of tax breaks. Also, it will help you be proactive in gathering supporting documentation – a critical time saver down the road and an essential undertaking to make the most of the available tax deductions and credits.
Proactive business tax planning will enable you and your company to make the most of the current tax laws. Proactive business tax planning means potentially less tax liability, more tax credits, and a positive impact on your company’s bottom line. Be proactive and tax smart.
WOULD YOU LIKE TO PUT AN ADDITIONAL $25,000/YR INTO YOUR POCKET?
Find a way to increase sales by $550,000!
Find someone to legally and safely reduce your taxes!
Taxable Income $357,000
(Wages, Bonuses, Distributions, Rental Income, etc.)
Personal Tax Rate (Income & Payroll Taxes) 35%
Taxes Paid $125,000
What if you could reduce your taxes by 20%? $25,000
You would put an additional $25,000 in your pocket EACH year!!
Could you create $550,000 in additional sales?
At a 7% Net Profit Margin and with a Personal Tax Rate (combined income and payroll tax) of 35% you would have to create ADDITIONAL sales of $550,000 to put $25,000 into your pocket! Is that possible? Given the challenges of the current market, your capacity, labor, and time limitations, it's probably not possible or you would be doing it.
Alternatively, another strategy would be to keep more of the money that you make by finally engaging in Strategic Tax Planning. So your sales and profit stay at their current levels and you simply increase the amount of money that you realize from your business by decreasing your taxes!!
Check the Math
Additional Sales $550,000
Business Net Profit Percentage 7%
Net Business Profit $38,500
Business Owner Personal Tax Rate 35%
Estimated Taxes $13,500
After Tax Profit from Additional Sales $25,000
As a business owner, the choice is yours - you can either find an additional $550,000 in sales OR you can have a Business Wealth Enhancement Plan developed to create savings that repeat EACH year!!
The above numbers are for illustrative purposes only - But the Tax Planning possibilities are a reality!