When Amy March said that marriage is an economic proposition, she was right on the money! Getting married, not getting married, and getting divorced could all reduce your taxes – find out how with Golden Tax Relief (630-278-5023)!
With tax season right around the corner, my partner has been telling me each and every day that I should start working on my tax returns and year-end reports.
But I'm just not Intuit.
Jokes aside, tax season is upon us - and, as a wise man once said, it's the time of year when ordinary Americans send their money to the IRS, and wealthy Americans send their money to the Cayman Islands.
Odds are, just like me, you're not the 1% and your money won't be making any trips to exotic locations. But, did you know that there are legal ways you could reduce your liability?
Check out the top ten tax planning strategies you may not know about, but which could help your company reduce tax burdens for the current year.
“As 2022 comes to a close and people begin closing their books and preparing for the year ahead, Golden Tax Relief is here to offer some tax planning strategies that may just make your new year start with extra money in your coffers,” said company founder Ben Golden.
So pay attention! This is important and could save your company lots of money!
Ever consider starting a family management LLC? Well, you should! A family management LLC can provide advantages such as asset protection, pass-through taxation, and estate planning. Plus, managing an LLC is pretty flexible and you can get reimbursements for expenses such as phone bills, multiple vehicles, and even some meals! All you need is a certified tax planner who can implement a family management LLC structure as a tax benefit and explain how it all works.
You could also plan your business expenses better. For example, say you need to buy some big-ticket office equipment. Making the purchase before the year ends, could help lower your taxable income for that year. Simple, but smart and effective!
Tax credits are another great tax strategy you should be taking advantage of. If you own a small business, which made less than $1 million in revenue for the previous tax year or has less than 30 full-time employees, you could get a $5K tax credit for making your website ADA-compliant.
And here's where all this tax planning stuff becomes really interesting and kinda funny!
Are you by any chance planning a wedding soon? What if I told you that depending on your income and home ownership, you may want to either stay single until at least January or get married as soon as possible?
Yep, both could reduce your taxes!
If both you and your partner are high-income earners, you might want to book the first available date or just elope as soon as you're done reading this. Why? Because married couples are taxed at a lower rate than single people.
However, if both you and your partner own a house, you might want to wait until next year to tie the knot. Once you're married, the IRS considers you married for that entire year - so if you wait until the new year, you can increase your mortgage interest deduction!
Those are just some of the strategies you can use to reduce tax liabilities. A certified tax planner, like Golden Tax Relief, can identify all tax reliefs, exemptions, credits, benefits, etc. available to your business so you can save more of your hard-earned money and redirect it towards income-generating opportunities. A custom tax plan can also give you more flexibility with tax payments and help you achieve your financial goals.
Think about it: taxes are the biggest expense for your business! Just look at your past tax payments and do the math... But, with a little help from certified tax planners, you can make sure your business pays the least amount of taxes allowable by law!
Taxes, much like death and vegans telling you they're vegan, are inevitable - but, the amount of taxes you have to pay is not set in stone. Check out https://www.goldentaxrelief.com to see how tax planning can help your business save money!
