Small Business Tax Relief – Business Self-Defense
If you arrived here from a search on “business tax relief” you can create your own rather than waiting on the government for small business tax relief. In case you have wondered why some of the most profitable huge corporations pay such a small percentage of their revenue in taxes, you are not alone.
Sure, one reason is carve-outs of special tax privileges due to lobbying efforts and congressional action. However, the major reason for their self-created big business tax strategies is that they have the financial ability to hire the best tax experts to create their own tax relief strategies. That is great for big business, but is there an answer for self-directed small business tax relief?
Small Business Tax Relief Strategies
Before exploring business tax relief on your own, your first action should be to consult a tax group for tax help and planning. There are short term and long term strategies that will result in immediate relief and major longer term business tax relief. However, you must know what they are and implement them properly.
Often the small business owner is surprised at how other things they do for asset protection and estate planning are also pieces in the small business tax relief puzzle. The thousands of pages of IRS rules, requirements, and regulations are not fun reading and a waste of the busy business owner’s time. Building a relationship with a tax group gives you a huge advantage and your tax savings over time will more than pay for the services you receive. These include (short videos at links):
- Bookkeeping – The volume of bookkeeping income and expense entries for the average small business is a breeding ground for errors. When it comes to taxes, errors often cost a lot of money. The more experienced the personnel and the level of oversight are critical.
- Tax Preparation – Tax preparation is not just filling in the blanks of IRS forms. It is a process that can increase tax savings through proper processes and tax preparers licensed and highly experienced.
- Tax Planning – The smart small business owner a decade or so down the road can look back and realize the gigantic tax savings accumulated through proper planning and implementation of strategic tax savings plans.
- Entity Formation – From the first day in business, one basic piece of the tax puzzle with long term affects on taxation is the legal entity formation of the company. Determination of the right corporate, partnership, or LLC structure can protect assets but also save taxes over time.
- Audit Response – You and your accounting professional can do everything perfectly right according to current IRS rules and still end up with questions from the IRS or an audit. It is not inevitable, but the better job your team does at saving taxes for you, the more likely there could be questions later. The tax group can represent you in front of the IRS and answer questions.
- Estate Planning – Planning for the possibility of your incapacitation, inability to make decisions, and ultimately your death are all valuable services. They contain tax considerations as well.
- Asset Protection – Some asset protection strategies can involve tax relief strategies as well.
To sum it up, small business tax relief is more in your hands than in the hands of the government on a regular basis.
“Business tax relief” at 1.6% density.
“Small business tax relief” at 1.1% density.