Should I put my spouse and/or children on payroll if they’re involved in my business?
Having your spouse and/or children on your business payroll can offer several benefits including tax savings through deductible wages, income splitting to balance tax burdens, and additional opportunities for retirement planning. However, it’s crucial that family members are genuinely contributing to the business in roles that align with their job descriptions and that their compensation is fair and reasonable for the work they do.
Which type of retirement plan is best for my business?
Determining the ideal retirement plan for your business depends on a wide range of factors including your specific goals, budget, and employee considerations. Our team will take the time to individually assess and provide tailored recommendations based on your unique circumstances.
Am I taking advantage of every tax deduction available to me and my business?
You may not be, but that’s where we excel! Answering this question begins in your initial onboarding and continues as long as we are in partnership. As tax codes evolve, your business grows, or your financial situation changes, our team will consistently work to optimize your tax savings opportunities and put your hard-earned money right where it belongs – back in your business.
How can I lower my tax liability?
Our ultimate goal is to steadily reduce your tax liability over time, taking a comprehensive approach to your unique situation. Our holistic “big picture” approach to tax planning and preparation is designed to help you take advantage of creative and little-known deductions available to business owners and keep more of the money you’ve earned with a comprehensive and proactive tax plan that works for you now and in the future.
How do I make sure my tax returns are accurate when I’m ready to file?
If you’re like most business owners, you may sign your tax return and assume that everything is correct. Yet, we often find tax returns are filed with mistakes, omissions, and missed opportunities for additional savings. Our annual tax review process is designed to help make sure your tax plan is implemented accurately. By serving as a second pair of eyes on your return, we work with you and your accountant to catch any potential errors and confirm you’re taking advantage of every available opportunity.
How do I know if my profit margins are where they should be? Can you help me optimize profitability?
At the end of the day you’re in business to make a living for you and your family, building your personal net worth over a long period of time. Having a clear understanding of what your margins should be is something you should be considering on a regular basis. Our team is here to help you evaluate, set and achieve your profitability goals by making sure you’re taking advantage of every opportunity available to you.
Am I paying myself the right way as a business owner?
Determining the right way to pay yourself as a business owner involves considering your business structure, cash flow, tax efficiency, and personal financial goals. Sole proprietors often draw income directly from business profits, while owners of S corporations and C corporations need to establish reasonable compensation. It’s crucial to strike a balance between sustaining your business’s financial stability and aligning your pay with your personal financial objectives. Our team can help you identify the most appropriate payment method while satisfying any subsequent considerations or requirements.
What creative tax strategies should I be utilizing for my business? How can I keep more of my hard-earned income?
You work hard for your money. We want to make sure you keep it. From properly leveraging The Augusta Rule to payroll optimization and advanced retirement plan design, our team is dedicated to uncovering opportunities that could help you save and work towards your long-term financial goals.
Do I have to have an investment portfolio or a lot of assets for you to help me and my business?
The short answer? No! We operate under a fee for service model which is very friendly to small business owners. Doing this allows us to give our clients the planning and tax advice they need without requiring them to have additional assets to work with us. (But it’s also okay if you do.)
What does proper succession and estate planning look like for business owners?
Proper estate planning is protecting your family. Proper succession planning is protecting your business. We assist in planning to preserve your legacy and provide financial security, while aiming to support your business’s success at the same time. This complex process evolves over time and should be continually adjusted to accommodate changes in your life, family, and financial situation. Reach out to learn how our team can help you secure your legacy today and support a smooth transition of your assets and business in the future.
Still have questions?
Contact our support team for assistance.
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