Tax Planning Strategies for Small Businesses
As a small business owner in Boulder, if you have ever had to pay a large tax bill, you may have questioned how to reduce or eliminate it from happening again, legally. Tax planning for small business should happen more than just once a year. In fact, when done correctly, it is an ongoing process that changes as laws, and your business, also evolve.
Start with Knowing Your Numbers
Review your income and expenses every month to stay on top of your budget and be aware of changes in your financial situation that could affect your tax liability. Meet with your Boulder CPA professional on a quarterly basis to review these changes.
Plan with Knowledge: Use Your Resources
Tax evasion is a crime of purposeful deceit to avoid taxes. Tax planning, however, is a legal method of awareness of and utilizations of tax credits, deductions and laws. Your CPA is a valuable resource in tax planning for small businesses in Boulder. By understanding ever changing tax laws and provisions, they can guide you in the best ways to spend and save.
There Are Several Tax Planning Strategies to Employ
Tax planning for small business include strategies for the owner’s personal tax as well as those for the business itself. Some options include:
Watch and Adjust Your Tax Planning Solution
Many tax planning strategies use estimations for future income levels. A great plan can become a bad one if major changes happen in your business. Some plans can reduce taxes in one area while increasing them in another, so regular “check-points” are suggested to stay on track.
Avoid an Audit by Utilizing Professional Tax Planning for Small Business
Audits can be triggered when the IRS notices behavior that seems unusual. Your CPA understands what’s expected for deductions within your industry, as well as what is able to be maximized for:
It is important to note that this article doesn’t constitute advice, as only a thorough review of your specific and unique situation by a qualified professional should be considered valid. Tax planning for small business is an important task to optimize your bottom line income, while also following tax laws.
Find a Boulder CPA firm with high ethics, quality customer service, and professionalism who can best suit your small business needs. Partner with a firm knowledgeable and capable enough to grow with your developing business. Scher Group is a Boulder CPA firm specializing in small business accounting and tax services. Contact Scher Group today at 303.443.9001 to learn more.
19-01-2017
As a small business owner in Boulder, if you have ever had to pay a large tax bill, you may have questioned how to reduce or eliminate it from happening again, legally. Tax planning for small business should happen more than just once a year. In fact, when done correctly, it is an ongoing process […]
12-01-2017
Nearly 500,000 small businesses exist in Colorado, and all of them are responsible for remitting taxes. Small business in Boulder are no exception, and face varying tax depending on the industry. That’s why using a professional early, rather than later, is critical to limiting fines, penalties or excessive end of year liabilities. Annual taxes are […]
Alan and his team have been my accountants for my tax returns and complicated real estate transactions for over 15 years. They are hardworking, dedicated, and very knowledgeable concerning tax laws and tax law changes. Their proactive advice has saved me tens of thousands of dollars in taxes over the years.
Thomas W.
“Scher Group offers accounting services all “under one roof”. They have streamlined my business by handling payroll, taxes and any other services I should need. I rely on their services and they deliver timely and accurate information, each time for my business. They provide unlimited access to me and my staff. I have seen a cost savings of several thousand dollars using Scher Group. Their staff is always looking for ways to improve processes and ensure comprehensive integrity in all processes. Because of Scher Group I am less stressed and run a more professional and profitable business.”
Dr. Victor R.
“Scher Group is a professional CPA firm that is always available to address my personal and business tax needs as well as my accounting questions. They have provided me with significant savings on my taxes for both myself and my business. Best of all, with the monthly accounting services they provide us, having Scher Group is like have an in-house accounting department for my business.”
Dr. Stephen S.
“We have been corporate clients of Scher Group since they opened their doors. The staff at Scher Group is easy to work with, punctual with their output and their advice has always been of the highest quality. We can recommend Scher Group without reservation.”
G. Ray Eubanks, CFO
Midrange Performance Group, Inc., Boulder, CO
“We have been corporate clients of Alan since the firm opened their doors. Alan and his staff are easy to work with, punctual with their output and their advice has always been of the highest quality. We can recommend Alan and his team without reservation.”
G. Ray Eubanks CFO
Midrange Performance Group, Inc., Boulder, CO
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