Taxes could very well be one of your largest business expenses, so it is important to develop a strategy. When many people think of tax strategy, they think of tax avoidance, which is not what we recommend. We recommend developing a strategy that minimizes the long-term impact of tax on a business while paying the correct amount of tax.
Aiming for tax avoidance leads many business leaders to have unrealistic expectations about the business liabilities. This will almost always catch up with them in time. Most likely through an audit, which will leave them in a worse position than if they had paid the taxes they were supposed to.
A good tax strategy looks at the business’s objectives and tries to find ways to compliment those objectives. A scientific research company will want to understand the research and development credit to make sure they qualify for it. A start-up incurring a lot of expenses wants to make sure they are able to carry their losses forward. An established business wants to plan their growth expenses over the years to make sure they have large deductions in years they have high revenues.
Regardless of your business size or plan, we can help you find a tax strategy that works for you. We can’t guarantee you will not pay taxes, but we can make sure you don’t pay more than you have to.