Tax Planning and Preparation

Have you considered paying yourself more out of your business?

In some cases, it actually might make more sense to pay yourself less — but bring home more at the same time. It all comes down to having the right plan in place.

If you’re not clear on how you could accomplish that, then reading this page right now could be very important.

 

We have other blog posts and pages about entity structure, but that’s just one aspect of a proper plan for growing the tax-profitability of your business.

When we meet with a business owner, we often wear many hats — CFO, Marketing Advisor, COO, etc. — truly whatever fits the needs of our small business owner client most precisely. Because business owners can make rash decisions in times of perceived crisis (like during “tax season”) — and they often have unforeseen complications down the road.

Which is why it’s critical that we take a look at how things are set up for you and your business before the tax preparation process. When we take the time together to take a clear-eyed look at your accounting reports, and plan ahead for the best, most tax efficient outcome for your business, then you can have the confidence that you are building in a financially smart way.

And every time new tax code legislation comes through, it opens up new opportunities for businesses to save on their bottom line, as it relates to tax, and other aspects of your financial picture.

Frankly, we’d like to avoid all of the unnecessary expenses and taxes which so many businesses end up paying, simply because they didn’t plan ahead of time.

But we won’t know what the best setup for your business would be, until we talk.

Consider these questions …

  • Am I proactively planning to deal with tax law changes?
  • Have I determined my financial goals — and how taxes will affect them?
  • Will I maximize my tax-free earnings in retirement (and before retirement)?
  • Do I have an exit plan for my business — and is it written down?

Again, all of these issues always seem “procrastinate-able” on the front end … but if you don’t have a good answer to more than a couple of the above questions, you might be cruising for a financial bruising.

Let Us Help:

Top 10 Myths About Strategic Business Coaching

In the competitive landscape of today's business world, staying ahead often requires more than just conventional strategies. Strategic business coaching and consulting have emerged as powerful tools for businesses aiming to achieve sustainable growth and success....

What to Expect for Independent Contractor Taxes

As an independent contractor, you have the flexibility and freedom that traditional employees might not enjoy. However, with this independence comes the responsibility of managing your own taxes. Understanding your tax obligations is crucial to avoid penalties and...

Small Business Legal Advice in Charlotte, NC: Steps & Checklist

Starting and running a small business in Charlotte, NC, can be an exciting venture, but it's crucial to navigate the legal landscape carefully. Proper legal compliance not only helps avoid fines and penalties but also sets a strong foundation for your business's...

7 Common Tax Planning Myths Debunked for Business Owners

Tax planning is an essential aspect of financial management for both business owners and independent contractors. However, navigating the complex world of taxes often comes with its fair share of myths and misconceptions. In this article, we'll debunk seven common...

How to Find the Best CPA Near You

When it comes to managing your finances, you may feel overwhelmed with the amount of CPAs you are finding in your area. With so many options to choose from, finding the best CPA (Certified Public Accountant) near you can make a world of difference when it comes to...

7 Tax Deductions for 1099 Workers in Lake Norman, NC

Are you a 1099 worker based in the Charlotte Metro area looking for ways to maximize your tax savings? As a self-employed individual, you have the opportunity to deduct various business expenses to reduce your taxable income. In addition to reducing taxable income,...

Strategic Business Coaching – Your Business’s Secret Weapon

Hey there, savvy entrepreneurs of Lake Norman, NC! Are you at a crossroads in your business journey? Have a business idea but not sure how to get started? You’ve got big dreams, massive goals, and a whole lot of hustle, but sometimes, even the most driven of us need a...

Simplifying CPAs: What is a CPA and Why Your Lake Norman Small Business Needs One

Hey Lake Norman entrepreneurs & business owners! Ever wondered what a CPA is and why they're essential for the success of your small business? Don't worry; we've got you covered. In this article, we'll break down the mystery behind CPAs, why you might need one,...

Are Lake Norman Consumers Exhausted by Tip Screens?

You might remember this little story from last year when an ex-IRS contractor pleaded guilty to leaking President Trump’s private taxpayer information along with many other wealthy individuals. It brought the IRS’s ability to secure taxpayer data into question along...

Accommodating State Sales Tax Changes in Your Lake Norman Business

Loading the dishwasher is a daily job in most households. And, to get clean dishes and not melt your plastic to-go containers, you’ll need to arrange things well. And, according to Consumer reports, there actually is a right way to load yours.  While doing the dishes...

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a CPA as painful as it’s been in the past!