Expert guidance from local business and tax experts
While we provide accurate and top-notch tax filing services, we understand that the money spent there is a “cost;” and it really should go without saying that we know keeping costs down is important to maintain profitability.
But what about an investment in your business? Our business and tax advisory services are just that… an investment that allows your small business to grow and flourish, reaping a reward year after year after paying a small price up front.
We expect our advisory services to you (the small business owner) to “pay for itself” over a very limited time frame. We are not here trying to “pad our timesheets” to maximize billings; our philosophy is if its not profitable to you then its not profitable to us!
Our only requirement is that we also prepare the tax returns with which we perform the business advisory services. Why? While our strategies aren’t always complicated, it saves you time and prevents major errors down the road when a different tax preparer, one not familiar with our strategies, attempts to integrate them into their business tax filings.
Read on below for a brief description of the many advisory services we provide to our tax clients.
Ongoing Tax Minimization Strategies
The following are our top three tax minimization strategies for small business owners. Many of our clients have saved at least to $10,000 a year, every year, by utilizing these strategies.
- “Augusta Rule” Tax Planning: If you own your home and use your home for work then you could be missing out on the rent deduction for that space. We’re willing to set up and automate this strategy so the tax savings roll in year after year.
- “Pass-Through Entity Tax” (PTET) Planning: The Tax Cuts and Jobs Act (TCJA) of 2017 brought many “limited-time” opportunities to maximize federal tax deductions through your state business filings. Most states now allow you to pay this tax at the corporate level and we’ll walk you through step by step and even make the payment for you.
- Small Business “Family Payroll” Strategies: Put your kids on your payroll and we’ll develop the strategy so they wont pay income tax. Did you know you can set up a Roth IRA for your kids even if they are still quite young? Start here!
Ongoing Business Advisory Services
If you’re considering monthly or quarterly bookkeeping services with us, in addition to our tax preparation services, then the following advisory services would be worth considering:
- Budgeting Setup and Review: Ever wonder why you’re not taking home as much as you think you should be based on your results? Start with setting up an expected budget and we’ll work with you on what you can do to maximize performance.
- Financial Statement Analysis (Profit and Loss, Balance Sheet, Cash Flow Statement): As part of our monthly bookkeeping services we provide monthly financial statements for you to use to review your performance. If you’re unsure of where to start or would want an expert opinion on a regular basis then this service is right for you.
- Monthly/Quarterly CFO Check-in: The check-In doesn’t have to take long… perhaps only 30 minutes to see how you’re doing, whether any questions have come up and if we can assist in any other way. This could easily be combined with the above two services as well.
- Retirement Deferral Strategies for Business Owners: Many other CPA firms say that you will “save money on taxes” if you contribute to your retirement…. that is incorrect. By itself you will only defer paying taxes when you contribute to your retirement. But what if contributing unlocks other tax advisory strategies for you? Now you’re thinking like we do!
- Cafeteria Plans and Other Benefits for Owners and their Employees: You don’t have to explain to us how complicated this is… because we live in this nightmare too. We’ll share our opinions and point you in the right direction so you can avoid the landmines that currently exist.
- Accountable Plans and Other Reimbursement Plans: These plans allow business owners and their employees to receive reimbursements for cell phone use, auto mileage, employee tuition and even child care for business owners (with some exceptions). Customize what you offer your employees and your family to maximize deductions and minimize costs.
“One-Time” Business Advisory Options
We perform the following advisory plans on an ad-hoc basis, but if you need them please reach out and we will discuss scheduling and getting you set-up:
- Accounting System Modernization Plans: Does your accounting system feel a little “outdated?” We’ve helped our customers migrate from old-school systems to modern processes that minimize waste and maximize efficiency.
- Entity-Type Analysis: Did you watch that video recently on TikTok about why “S Corps are the Best?” Which one? There are hundreds… Before you just go and make the plunge we recommend sitting with one of our experts. The answer may surprise you!
- New Business Advisory Sessions: If you’ve just started your business you likely have 100 questions… and that is only on what you’ve thought of so far. Meet with one of our experts and we’ll answer your questions and ask our own so you can be confident you’re doing things the “right way.” Even if we don’t have an answer for you – we likely know someone who does!