SMALL BUSINESS TAX STRATEGIES | NUMERICO
At Numerico, we’re always looking for ways to optimize tax strategies for small businesses. Any action that can be taken to minimize taxes, will be taken. This may be one line item in your budget, but it’s a crucial one.
As a trusted CPA in Livonia, MI, when we handle your taxes we begin strategizing on your behalf right away, starting on January 1st and continuing throughout the year. Contrary to popular belief, tax season does not begin right before you file. At Numerico, it’s always tax season.
TAX STRATEGIES FOR SMALL BUSINESS OWNERS
Any income that your business has left after expenses is taxable. While almost all of the day to day expenses for running your business can be deducted, there are many other ways to minimize your tax burden.
- Tax Credits. Tax credits are just as important as deductions. Tax credits come off of your tax bill, as opposed to deductions that are only subtracted from your small business’ income.
- Charitable Contributions. Business owners will see a tax break for charitable giving. Charitable contributions reduce your taxable income and ultimately lower your tax bill. Contributions can come in the form of cash donations, sponsorship of a local charity, volunteer expenses, and more.
- Deduct New Property. If you’ve recently started your business, moved locations, or acquired new property used for your business, you may be eligible for a Section 179 tax deduction. This deduction includes up to $500,000 of eligible property.
- Employ a Family Member. Small business owners can reduce their taxes by hiring family members, including children and spouses. With this strategy, business owners eliminate the tax on the income paid to their family member.
The small business tax experts at Numerico know these strategies and many more. We have implemented them for countless clients, optimizing their return and reducing their tax obligation. We are informed of the current tax laws and are always reading and researching the updated small business tax laws.
NUMERICO - TRUSTED LIVONIA, MI CPA
Hiring the trusted Livonia, MI CPA at Numerico does not just mean that you have someone to “do” your taxes. Creating tax strategies for small businesses is a top priority. The professional CPA’s at Numerico will check in with all aspects of your financial picture and consult with you to make sure every benefit is noticed and accounted for.
The tax experts at Numerico in Livonia, MI can help you with all aspects of tax planning, whether for individuals and family or for small businesses. This includes weathering an audit, capitalizing on deductions or tax relief.
Numerico has helped clients in Livonia, Canton, Dearborn, Van Buren Charter Township, Farmington Hills, Ann Arbor, Madison Heights, Westland, Novi, Northville, Plymouth, Bloomfield, Auburn Hills, MI and throughout the United States with our tax strategies for small businesses, and we want to partner with you next. Call us directly at (313) 278-8030 or follow the link below to get in touch. We look forward to hearing from you!