You almost certainly know that you can write off the mileage for business use of your car. That advice is still true. A nice bonus is that it is easier than ever to track your business mileage with a variety of smartphone apps available. Mileage, however, isn’t the only automotive write-off that you should be pursuing. If you use your vehicle for anything work-related, there are deductions that you might be missing out on. Lease payments, oil changes, insurance, repairs, and even car washing and polishing could be written off. Don’t fall for tax myths, fuel your savings with automotive write-offs.
Taxes may be the least favorite topic for business owners. The saying goes there are only two things in life that are certain—death and taxes. For a business, there are just taxes. It doesn’t matter who you are, how influential you are, or how much money you earn, everyone still has to pay taxes. It’s natural that business owners would want to pay the least amount of taxes possible. That usually happens through tax evasion, tax avoidance, or strategic tax planning. As a business owner, it’s important that you understand which one of these methods is the right one. Learn the difference between strategic tax planning, tax avoidance, and tax evasion.
For business owners, lower taxes are likely a gift that you’d like to see under the tree. Thankfully, it’s not too late to add it to your holiday wish list. It even has a name, strategic tax planning. Strategic tax planning is a gift that won’t fade once the newness wears off, and it’s one that continues to give to your business year after year. Strategic tax planning could save your business $20,000, $50,000, even $100,000 in taxes every year. This year stop wasting money on taxes you don’t owe. Instead, give yourself the gift of strategic tax planning, and get rewarded year after year with lower taxes.
Finding tax and investment advisors who give you proactive advice for saving on your taxes probably feels like an elusive search. The truth is that not every tax professional, in fact, the majority of them, do not do any proactive planning. Most CPAs are not even trained to do this level of tax planning. If you’re ready to leverage the benefits of the tax code and stop spending money unnecessarily, then you need a tax professional who understands business owners. At Financial Gravity we are versed in the minutiae of the tax laws, and we can help you keep more of your money with strategic tax planning.
Strategic tax planning is an important part of building and preserving your wealth. There is a saying that says, “it’s not what you make that matters, it’s what you keep that can make a difference.” Don’t leave money on the table, wasting money on taxes that you don’t legally have to pay. For many people, taxes are your biggest expense. It makes sense to focus on saving money where you currently spend the most. Strategic tax planning guarantees results, but those guaranteed results start with planning. When it comes to creating and managing wealth, the greater we can control and limit taxes during your lifetime, the greater resources you’ll have for your family and the bigger your legacy will be that you can leave behind, positively impacting the people and causes that matter to you. We can show you how you can use strategic tax planning to retain more of your wealth.
Business taxes don’t happen just once a year, and neither should strategic tax planning. Everyone likes to save money, and you could start saving right away with a Tax Blueprint® from Financial Gravity. Think of your taxes like an illness. You wouldn’t wait to go to the doctor if you were sick, so why are you waiting to start your strategic tax reduction planning?
Now is the Time for Strategic Tax Reduction Planning
Your cure starts with a diagnosis from a Financial Gravity team member to discover what’s causing your tax pain. From there we can create your strategic tax plan, in effect filling your prescription and making a plan to relieve your pain. Once you have your diagnosis, your Tax Blueprint®, we can implement changes that will save you money. The tax code is long, complicated, and overall, not a fun thing to read. Strategic tax planning could be the step you need to take in order to save money in taxes every year.
Proactive Tax Planning
Are you confident that you are taking advantage of every tax break available? The majority of CPAs do not do any proactive training, in fact, most work in reverse. They work historically, completing tax returns that only reflect where you have been, instead of where you want to be going. If you are only looking behind you, then you aren’t planning for the future.
There is no one-size-fits-all approach when it comes to strategic tax planning, which is why the Tax Blueprint® from Financial Gravity is customized specifically to you and your business. The easiest way to increase the profit for your business is to minimize the money going out, ensuring that you aren’t spending any money unnecessarily. While some taxes are necessary, it’s likely that your business is paying more than what is legally, ethically, or morally required, simply because most tax advisors aren’t trained to think proactively. The good news is that you don’t need to wait to start realizing these savings. Every minute you wait means more of hard earned money spent overpaying taxes.
Start Saving Now
For most small business owners, taxes are your single biggest expense. That expense is likely to only grow bigger if you don’t have a sound strategic tax plan in place. If your current accountant, bookkeeper, or tax preparer has not given you at least one idea that saves you a minimum of $1000 in taxes every year, then now is the time for strategic tax reduction planning from Financial Gravity.
We offer strategies that can be implemented right away, from writing off your swimming pool, renting your house to yourself, or hiring your own children. These are surprisingly simple strategies that small business owners can legally use to reduce their taxes. Some strategies will serve you better when you reach a certain threshold, but that’s exactly why your Tax Blueprint® is created specifically for your business. All business owners need a solid strategic tax plan, and we can start working with business owners in their first year of business.
Following our strategies will save you money without increasing your risk for audit. When you receive your Tax Blueprint® you will see every tax reduction strategy we employ sourced and referenced directly to the IRS Tax Code. Along with the tax savings, you will also see implementation plans that are highlighted and summarized so you can be confident that the savings are real and the strategies are legal, ethical, and moral.
Business owners are told a lot of myths surrounding taxes, myths that could be holding them back from bigger business growth. We separate the wheat from the chaff, breaking down the myths that could be sabotaging your business. A Strategic Tax Plan is a true “business fundamental,” and odds are you don’t have one.
Note Changes in Tax Law
The tax code exists to help you pay less in taxes, but you have to know how to utilize it. That’s where strategic tax reduction planning from Financial Gravity comes in. We comprehensively use the IRS Tax Code to ensure you only pay what you must. When you sign up for our Tax Blueprint® you receive a strategic tax reduction plan that is customized specifically to you and your business. The sources of tax savings, directly from the IRS Code, are summarized in your plan so you can be confident that the savings are real.
Don’t procrastinate your strategic tax reduction planning. Start planning now to see the maximum tax benefits. Financial Gravity knows that to leverage the benefits of the tax code you have to be proactive. Contact us today to get your own strategic tax plan and see why it is truly a business fundamental!
When you hear the words “proactive tax planning,” it’s tempting to think of a team of high-powered accountants, financial advisors and tax lawyers working for a large company in a high-rise building somewhere. These setups are known as a “Family Office,” generally utilized by wealthy individuals, families, and entrepreneurs with a net worth of at least $30 million. Read more
Most small businesses in the U.S. are ”pass-through entities” (partnerships, limited liability companies or S Corporations). Income from these business structures is taxed at individual tax rates, which are changing with the new tax bracket structure. Also, the new tax law is adding a new deduction on Qualified Business Income (QBI). Read more
Do you know how the tax system really works? They say that the way to beat a system is to understand it from the inside out. With that in mind, here’s a quick primer on how your taxes are calculated. Read more
The Tax Cuts and Jobs Act of 2017 begins phasing in for tax year 2018 and beyond, and it’s time to start thinking about how its new provisions, as well as its changes, will affect you and the amount you pay in taxes. Read more
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