Am I Overpaying My Taxes?
Are you one of the millions of business owners who overpay their taxes? If so, you’re not alone. According to Forbes magazine, 93% of business owners overpay in taxes every year. With the help of a dedicated CPA, we can help you minimize your tax bill!
How To Avoid Overpaying Taxes?
Don’t be afraid to ask for help. A certified public accountant can offer valuable guidance when filing your taxes. Remember, tax laws are constantly changing, so staying up-to-date on the latest changes is essential to be able to take advantage of money-saving deductions and changing rules.
Can I Minimize My Tax Bill?
As a business owner, you are constantly looking for ways to reduce your costs and increase your profits. One way to do this is to minimize your tax bill.
- Stay organized. Make sure you keep track of your business expenses to deduct them from your tax return. This will help you maximize your deductions and minimize your tax bill.
- The easiest way to do this is to open a separate bank account for your business. Run all expenses and collect all payments through this account. You now have all information for your business deductions in one location.
- Choose the right business structure. The type of business entity you choose can significantly impact your taxes.
- Sole proprietorships are taxed at your individual tax rate, whereas C-Corporations are taxed at 21%. Depending on your situation, different entity types may maximize your after-tax dollars.
- Depending on your situation, you might be eligible to operate as an S-Corporation. Compared to a Schedule C taxpayer, you’d save on self-employment taxes.
Strategies To Minimize Your Tax Bill
Businesses can deduct expenses that are ordinary and necessary to operate. This may include costs such as office expenses, travel, and marketing. You can also deduct the cost of employee wages, healthcare benefits, and retirement contributions. In addition, there are many tax credits that businesses can take advantage of, such as the Employee Retention Tax Credit, Work Opportunity Tax Credit, Research and Development Tax Credit, and many more. By taking advantage of these deductions and credits, you can significantly reduce your business’s taxable income.
If you want to delve deeper and make sure you maximize all you can, it might be more profitable to have a professional tax planner like CPA Nerds look at your situation and formulate a plan to let you pay your fair share in taxes—and not one penny more!
CPA Nerds Help Minimize Your Tax Bill
The truth is that most CPAs are only interested in preparing your tax return for submission to the IRS. Once they’re done, they move on to the next client. They don’t offer any form of tax planning or strategy.
CPA Nerds are different. We relentlessly track down deductions and other ways to minimize your tax bill. We won’t stop until we’ve found every possible deduction and savings opportunity available to you.
Contact us today to see how our dedicated team can help keep you from overpaying on your taxes.