Everyone wants to save on paying taxes and minimize their tax burden for now and into the future. New tax laws and different exemption opportunities make saving on your taxes essential to having the income you deserve and need. The professional tax experts at Numerico PC can help you understand tax savings objectives that can be done throughout the year to save at the end of the year when you file your taxes.
For individuals, this includes:
– Increasing your 401(k) if you have one or starting a 401(K). Your contributions are tax free so you can divert paying tax on your income until a later date.
– Give to a charity or non-profit organization whether it is money or items you can help someone in need and impact your bottom line.
– Requesting a deferred payment on a bonus you have received at the end of the year if your next year’s return looks more promising than the current year.
– Accelerating your deductions by paying January’s deductible payments like mortgage, property taxes or medical bills in December before the close of the year.
For businesses, this includes:
– Purchasing new equipment. Depending on how the equipment qualifies it may be depreciated all in the first year, or it may be depreciated over 5-7 years.
– Offering health insurance. Small businesses that pay more than half of their employee’s health insurance plans, receive tax savings. – Hiring new employees. Thanks to the HIRE act you can receive a tax credit for hiring unemployed workers.
– Offering a 401(k) plan to your employees
Many exclusions apply to these tax credits and there are many regulations that need to be followed. The team of tax experts and small business advisers at Numerico PC can help your understand the ins and outs of these tax savings strategies. Keep your paper work and plans organized so we can help you with your tax decisions and tax returns to minimize your taxes and increase your business’ potential! With satisfied clients all over Michigan, the United States and even internationally – the team at Numerico is prepared to serve you!
