Keep Your Small Business’s Taxes Small as Well
Keep Your Small Business’s Taxes Small as Well
Small Business Owner
Do you run a small business? Are your hands always full, or perhaps overflowing? Small business owners never run out of things to do, which means that sometimes certain things get overlooked or put on the back burner, including taxes. Unfortunately, you can’t really put taxes on the back burner very long, or you will wind up getting burned yourself. This balance of this article has tips and ideas to help small business owners with their taxes and hot to reduce them to keep their tax payments owed at the end of the year more in line with the size of their business.
Tips to Reduce Taxes
As a small business owner you want to be sure that you’re doing everything you can to keep your taxes as low as possible. So here are some tips that will help you accomplish that goal. You probably have an individual retirement plan for yourself, but did you know you could set one up for your employees and thus lower your business taxes? By setting up a Savings Incentive Match Plan or a Simplified Employee Pension IRA you can match your employees contributions to the plan. Any amount of money you put in to match is tax deductible. It may seem like a small thing, but many small things add up to increase your overall profit at the end of the day by lowering your tax payment.
Reduce Payroll Taxes
Another way to save money on business taxes is simply cut out employees as much as you can. In other words, look to hire independent contractors that will be responsible for their own taxes. By doing this you can reduce your payroll taxes. Payroll taxes can add up quickly, so this is a great solution as independent contractors are also often experts in their field and can also save you money through better job performance.
Tax Preparation Assistance
One other important piece of advice is to find a trusted and experienced tax accounting and wealth management firm to assist you in your tax preparation. Doing this can help save you thousands if not more come tax time. Contact GROCO for more details.
We hope you found this article “Keep Your Small Business’s Taxes Small as Well” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
A special thanks to our sponsor, GROCO.com
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Tom Wheelwright sits down with Alan Olsen, Host of the American Dreams show to discuss tax free wealth. Transcript: Alan Olsen Welcome to America Dreams. My guest today is Tom wheelwright CPA, Tom, welcome to today’s show. Tom Wheelwright Thanks, Alan. It’s really always good to be with you. Alan Olsen I am really excited…
Determining The Best & Worst States for Wealthy Retirees Can be Subjective Retirement marks a significant phase in life, offering a new world of opportunities and choices. One critical decision for affluent retirees is selecting the right state to enjoy their golden years. In this post, we’ll explore the 5 best and worst states for…
Chris Maxson, owner of Acucraft Fireplace Systems and Managing Partner, Maxson family’s business ventures discusses igniting innovation in the fireplace industry with Alan Olsen. Below are some of the key aspects of Chris Maxson’s influence on the fireplace industry and his unique approach with Acucraft Fireplace Systems. They indicate the rich legacy and innovation themes discussed.…