Try These Tax Ideas for Your Business Before the Year Ends

Are you a business owner? Then chances are you’re already busy getting ready for your taxes. Personal taxes can be a pain for many people, but business taxes can be even more complicated. This is a very important time of year for just about every business because making the right moves now can help save you a bundle on your taxes in a few short weeks or months when you file your return.

So what can you do right now to effectively prepare for the end of the year? There are actually many different strategies you can use. Instead of paying a big chunk of your income to self-employment tax you can choose to be taxed as an S-Corporation. You can even make it retroactive to January 1, 2015. You just need to fill out and file the paperwork and make sure you take some money out for payroll for yourself.

Another move you can make if you own a business is to put your kids on your company payroll. Provided your children are actually doing the services that they are being paid for you can earn a nice tax break. If you pay your kids through a single member LLC or through a sole-proprietorship and your child is younger than 18 then your business doesn’t have to withdraw payroll or FICA taxes. Your children can also use their $6300 standard deduction against the income you pay them.

You can also start a 401k plan before the year is over or you can turn your 401k or traditional IRA into a Roth IRA. Another option is to spread your income out and push some of it into the next year, which can reduce your tax liability. Likewise, you can increase your expenses in the current year. Lastly, consider purchasing an SUV or large truck for your business, which can be a huge depreciation deduction. 

There are many other year-end tax strategies that business owners should consider. You can speak with the experts at GROCO for more tax-savings advice. Just call us at 1-877-CPA-2006 or click here.

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The True Value of Your Company May Be Different From What You Think

The True Value of Your Company May Be Different From What You Think

The True Value of Your Company May Be Different From What You Think Approaches to Value Intangible Assets Posted: 3/31/11 I’ve received a lot of inquires asking how to value a company that has yet to generate any revenue, has not reached profitability, and yet, it has a substantial history of expenses. Most are start-up…

To receive our free newsletter, contact us here. Subscribe our YouTube Channel for more updates. Alan Olsen, CPA 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. American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business. Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind. The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most. They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more.. American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included: Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work… Untitled_Artwork copy 4 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.

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