As a business owner, navigating the tax laws can be challenging. However, staying up to date on changes to the tax laws and taking advantage of tax breaks can help reduce your tax liability and keep more of your hard-earned money. At our tax planning and managed accounting services, we can help you navigate the complex tax landscape and implement tax strategies that work for your business.
One of the most significant changes to the tax laws in recent years is the Tax Cuts and Jobs Act (TCJA). The TCJA brought significant changes to the tax laws for individuals and businesses, including the reduction of the corporate tax rate and changes to deductions for pass-through entities. At our tax planning services, we can help you understand how the TCJA impacts your business and implement strategies to take advantage of its provisions.
Another area that can impact business owners is state and local taxes (SALT). Under the TCJA, the deduction for SALT is capped at $10,000, which could impact business owners who pay high state and local taxes. We can help you navigate the SALT landscape and identify opportunities to minimize your tax liability.
For businesses that invest in research and development (R&D), the R&D tax credit can provide a significant tax benefit. At our tax planning services, we can help you identify qualifying R&D activities and expenses and implement strategies to maximize your tax credit.
The Section 179 deduction is another tax break that can benefit businesses. This deduction allows businesses to deduct the full cost of qualifying equipment and/or software purchased or financed during the tax year. The deduction limit for 2021 is $1,050,000, which could provide a significant tax benefit for businesses that invest in equipment or software.
Finally, payroll taxes can be a challenging area for businesses to navigate. Staying compliant with payroll tax laws is essential, but failing to do so could result in costly penalties and fees. At our managed accounting services, we can help you stay compliant with Payroll Tax Laws and implement strategies to minimize your tax liability.
In conclusion, navigating the tax laws can be challenging for business owners, but taking advantage of tax breaks can help reduce your tax liability and keep more of your hard-earned money. At our tax planning and managed accounting services, we can help you navigate the complex tax landscape and implement tax strategies that work for your business. Contact us today to schedule a consultation and learn how we can help you save on your taxes.
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