It's exciting to run a business, especially if you are becoming successful and are growing, adding new customers and increasing your bottom line. You begin to develop confidence as a manager of your business, and so you start exploring new ways to market your product or service, perhaps merging with another company or buying new property. But in all the excitement, it's sometimes easy to forget that every business decision you make will have tax consequences. Since tax laws are complex and ever-changing, you can see why it's a good idea to find the help you can rely on when you start dealing with things that go beyond your area of expertise. When it's time to face the IRS, you'll find that an experienced, reputable and knowledgeable tax planning and consulting services are an essential part of doing business. A tax planning professional can give you the accurate and reliable tax advice you need to uncover the best tax advantages for your business.
Deferring Tax Liabilities
One way of saving money in taxes is to make business investments that defer tax liabilities. Buying new equipment or property for your business before the end of the year makes sense tax-wise because it creates deductions and also can make your business run more smoothly. Certain hiring practices, like the hiring of veterans or people from groups with high unemployment rates, may get you a Work Opportunity Tax Credit, or WOTC. Making charitable donations, like donating old computers or office equipment to a local charity, may also increase your deductions and save you money. A tax or accounting specialist from a tax planning and consulting service company can help you find ways to defer tax liabilities and keep more of the money that your business earns.
Developing a Year-Round Tax Strategy
It's never a good idea to wait until the last minute to figure out what to do that will save you money in taxes. The best plan is to develop a year-round strategy that helps you avoid building up a huge tax bill in the first place. When you hire a tax planning and consulting service, you're hiring a team with the knowledge and experience it takes to anticipate the potential pitfalls of business taxation issues. Working with a group of knowledgeable professionals all year round is the best way to let them get to know and understand your business and can help you plan on running it so that you can keep more of the income you make. Intelligent cash flow management and good accounting practices can also help prevent that dreaded of all events, which would be an IRS tax audit.
Call to Schedule a Free Consultation with a California Tax Planning and Consulting Service Today
If you're a business owner with tax issues on your mind, call to schedule a free consultation with a tax planning and consulting service today. The accounting professionals at Daleyn Accountancy will help you find the ways to make business decisions that are tax-wise and will help you maximize the income you get to keep at the end of the year. We'll show you how to preserve your assets and still follow all the tax laws and regulations. We serve those in Encino, Los Angeles, Thousand Oaks, Camarillo, Agoura Hills, Woodland Hills, Calabasas and surrounding communities. Don't try to do your tax planning alone. Give us a call at 818-696-0866 and let us use our knowledge and experience to keep you in the good graces of the IRS.