Taxes are a fact of life, but fortunately, there are ways to get around paying exorbitant amounts on your business taxes. The following quick tips will help you reduce your taxable events.
Stocks
Putting your money into profitable stocks is one easy way to lower your business taxes. After one year of holding these stocks, you will see your taxes begin to decrease.
Record Keeping
Track your taxes through some sort of bookkeeping software. Document tax breaks that you have used in the past and be sure to utilize them whenever appropriate.
Timing
Utilizing strategic timing is another way to reduce your taxable events. Send out bills just after the year’s end in order to defer the income. Tactically time bonuses and sales to reduce your liability.
Add Benefits
Add employee benefits instead of doling out raises. Increasing income for employees can accrue more taxes for your business, so instead put the money towards benefits such as medical insurance. This way you will not find your business drowning in taxes.
Hiring an intermediary can greatly help you develop a plan for decreasing your business taxes. The intermediary will be able to assist you in structuring a plan of action to lower your taxes rates. Contact an intermediary at George & Company today.
