The #1 Way To Cut Taxes
March 9th, 2020
There are any number of different things Small Business Owners can do to cut taxes, including…
- tax strategies to implement
- deductions to take
- tax credits to claim, and
- legal loopholes to take advantage of
Deductions and Tax Credits Alone Won’t Profit You
The truth is, on April 15th, it doesn’t matter how many different tax deductions you know about.
It doesn’t matter how good your CPA is with your pile of expense receipts in March or April
Because most tax preparers take your last year‘s numbers, put them on last year‘s tax forms, and then tell you what you owe.
They give you your bottom line, BUT give you no plan to lower your tax the coming year!!!
I consider this to be a reactive process. A recording of history, if you will.
I prefer a proactive process we call “tax planning”.
In Business, it’s Not What You Earn. It’s What You Keep!!!
You look to your customers to help you make more money.
You should look to a tax-focused financial advisor to help you keep it.
So what exactly is “tax planning”, and how can you benefit from the tax planning process?
Tax planning–is something to do throughout the year, not after the ball drops in Times Square.
For example, if you didn’t know you could write-off your child’s braces as a business expense, and take the steps necessary to implement this strategy before December 31st, there’s nothing your CPA can do to help you in April.
So what’s the process? What does tax planning look like?
- I start out by providing a free review of your prior year return. I look for any missed opportunities or mistakes.
- I find out how much you’re spending each year in taxes that you don’t have to be paying.
- I then create tax savings for you by implementing a proactive plan. I tell you what to do, when to do it, and how to do it, using IRS approved and court-tested tax reduction strategies.
The number one tax mistake small business owners make:
The biggest mistake business owners make–that costs them thousands = failing to plan.
Failing to plan is planning to fail.
Conversely, the #1 thing business owners can do to cut taxes is take a proactive approach.
Unfortunately, most business owners are reactive. They treat record-keeping and taxes as a once a year event–and they wait to schedule it until it’s time to prepare their return.
That’s too late. That’s called tax preparation. Recording history.
And the difference between tax preparation (recording history) and tax planning (writing your future history) is December 31st.
I am here to help you avoid overpaying the IRS.
Shore Financial is a fee-only, tax-focused financial planning firm located in Monmouth Beach, NJ.
Joseph Vecchio CPA, CFP®, MBA is the firm’s President and has dedicated his professional life to the finance and accounting professions.
Joe believes that people are being exploited by financial salespeople who are merely motivated by quotas, product sales and commission-based income! Shore Financial Planning was founded to provide peace of mind through conflict-free, value-added advice.
When you work with Shore Financial Planning, the financial advice we provide is ALWAYS in your best interest.
As a Certified Financial Advisor, NAPFA Professional, and Fiduciary Advisor, Joseph Vecchio offers unbiased and conflict-free financial advice & retirement planning services.