Achieve More: Entrepreneur Edition – 3 Tax Strategies To Help Your Business Save In The Long Run

At the end of each year, most business owners file their taxes with one simple goal: to save as much as possible on the next return. But at Vance Wealth, we take a different approach to tax planning.

Of course, we use creative tax strategies to help our clients maximize their savings each year, but we also look at the bigger picture. We plan for the present with the future in mind.

It’s a balance – and it’s where we excel.

“Business owners of all sizes have the prudent goal of minimizing their tax burden, but the idea is not to avoid taxes, simply for the sake of avoiding taxes,” explained John Vance, President and Visionary of Vance Wealth. “Our goal is to maximize your savings over the course of your lifetime by making strategic and intentional choices today.”

That’s how we help our clients forge an achievable path to something greater, and we want to help you do the same. Here are three tax strategies to help your business save on taxes in the long run.

1. Tax Planning

Refreshing your tax plan encourages you to rethink your approach to tax savings, by creating a long-term plan to lower the cost in the future. Sometimes, it’s just a matter of asking the right question: How do I create more tax savings over the life of my business, not just this year?

2. Charitable Giving Deductions

The tax code for charitable giving deductions changed significantly in recent years, and if you haven’t adjusted your strategy, you’re missing out on valuable savings. Similar to the change in mindset required for big-picture tax planning, charitable giving deductions require a little forward thinking. By planning for a lifetime of giving, you save more and give more. That’s what we call a win-win.

3. Payroll Structure

Many business owners don’t realize it, but how you decide to pay yourself and your family impacts your payroll tax and personal income taxes. The amount you pay yourself, as well as the pay structure you use, can make a big difference in your tax plan. For example, if your kids have part-time jobs at your company, simply adding them to payroll can help you save.

We’ve helped dozens of clients review their business and tax plans to save thousands up front – and achieve even more in the long run. If you haven’t reviewed your plan in the last year, we would love to help you see the difference thoughtful planning can make, now and for years to come.

To book a complimentary consultation with one of our Wealth Advisors, please visit our website vancewealth.com/book-an-appointment/ to set up an appointment.

Vance Wealth, Inc. (“Vance Wealth”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.