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Tax Strategies
Taxes are the average business owner's largest expense. If you pay more than the law requires, it can literally determine whether your business lives or dies.
American small business owners are generally so busy trying to earn a living, it's difficult for them to monitor all the technical aspects of their business, such as taxes, payroll and bookkeeping. We assume those whom we have entrusted to manage our books, payroll, and taxes are doing all they can to watch after our pocket books. How can we know we are maximizing our bottom line, getting all the available tax deductions and insuring we keep as much of our hard earned income for our families as legally possible?
U.S. Business Strategies is all about improving your financial situation. What questions should the small business owner ask themselves to assure that they are getting all they can from their efforts? Here are a few to consider:
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Do I use the same person or firm to handle both my bookkeeping and my tax preparation? (If you are, you should reconsider)
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Have I had my tax returns reviewed by a company who specializes in recovering overpaid taxes? (This is an excellent idea)
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Am I running my business through the most tax-advantageous entity?
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Should I really be doing my own taxes?
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Do I really understand the full extent of my deductions, or do I rely only on what my accountant tells me?
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Has my accountant ever mentioned incorporating or anything along those lines to reduce my taxes or protect my assets?
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Do I really know that my accountant does corporate tax returns?
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Is my accountant incorporated?
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Am I getting my home office deduction or does my accountant discourage it?
These are only a sampling of questions every business owner should ask themselves. It is perfectly normal to develop a strong tie to one's accountant, especially if you have used them for several years. As many U.S. Business Strategies clients have said, "I love my accountant, but business is business." Many accountants do fine work, but most do not. Each business owner must be willing to set aside their affections to their advisors and make sure their family comes first.
What does U.S. Business Strategies offer in terms of tax strategies? There are many ways to maximize your bottom line without working harder. U.S. Business Strategies can help you restructure the way you do business, whether through incorporation or forming an LLC. Many asset protection strategies actually provide additional tax benefits.
Did you know that by forming a Family Limited Partnership, you not only can protect your family's assets, but change the way you are taxed on the income you earn, improving your financial situation even further?
Remember, U.S. Business Strategies is poised to not only help you run your business better, but to help you increase your bottom line for years to come through our ongoing customer support and ancillary services.
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