Top 5 concerns of business owners
- Cash flow planning
- Compliance & legal administration
- Tax and investment planning
- Protection of assets
- Growing net earnings
We help clients with cash flow planning, tax and financial strategies, and ensure that business deductions and profits are maximized. Call us to make sure you’re taking advantage of all the opportunities that you should be. See below for some informative articles on each of the 5 topics that businesses are concerned with:
Cash flow management and planning starts with solid recordkeeping. A bookkeeper enters the business income and expenses line items, keeping detailed accounting records. This makes financial and tax analysis much neater. Good cash flow management can help businesses solidify their plan and grow their profits.
(article on cash flow management tips for businesses)
Compliance & legal is another area that businesses must adhere to. Having a structured plan in place for compliance tasks and deadlines is helpful. When a business has controls in place to measure and enhance productivity, the business can reflect and adapt on a going-forward basis.
Tax and investment planning is among the top priorities of business owners. An effective business has a tax and investment plan. With proper tax planning, it’s possible to save 10% or more of income from taxes. It’s not only about what a business earns, it’s about what it keeps.
Protecting both business and personal assets is a top priority amongst most business owners. Structuring a business as a partnership vs S-corporation will have different levels of protection and tax planning.
Growing net earnings is a business’ priority. Without a plan for growth, the business will likely not survive. Therefore, monitoring and projecting taxes/finances regularly, developing a business growth and compliance plan, and structuring the business as a multi-member LLC or S-corporation for example will offer greater liability and asset protection.
Are you taking advantage of all the opportunities to reduce your tax?
Often a business owner knows they are not taking advantage of all the different tax savings strategies, like the Qualified Business Income deduction, Health Reimbursement Arrangements, Tax-Deferred Retirement Accounts, and several more.
Time and time again we stress the importance of tax planning, and especially now with the impact of COVID and the economy.
Call today and set up a time to talk with us. We will sit down and review your business tax and determine if there are any additional tax savings you could be claiming. Call today! 817-238-6300
Matt Ward, CFP®