Have you ever had the sneaking feeling that your business is paying too much in taxes? If so, you aren’t alone. Businesses all across the country over-pay their taxes on their returns each year.
The most effective way to identify saving or deferral opportunities for your company (and to keep from spending more on your taxes than you need to) is to create a strategic tax plan before you file your taxes.
So once you’ve decided you want to make a tax strategy for your company—now what?
Paul and Kim meet up with Reed King, CPA and Kevin Patel, CPA on this episode of the Wrap to talk through what business owners should know in order to create a strategic tax plan before filing their taxes.
At the end of this podcast episode, you’ll be able to:
- Recognize ways in which your state tax planning should be different than your federal tax planning
- Identify which business expenses are deductible from the ones that aren’t
- Know which documentation to use to inform your tax strategy planning
- Identify the two basic steps of strategically minimizing your business’s taxes
- Communicate the necessary information to your tax advisor in order to fully identify tax advantages and savings opportunities
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