How Businesses Can Maximize Tax Savings

How Businesses Can Maximize Tax Savings

View Business Tax Planning Guide

This year some businesses are thriving while others are still struggling to recover from the pandemic and resulting economic crisis. Whatever your business’s situation, taking full advantage of available tax breaks — including temporary relief in response to the crisis — is critical. And changes under the TCJA still demand attention, too.

If you own the business, it’s likely your biggest investment, so thinking about long-term considerations, such as your exit strategy, is critical as well. And if you’re an executive, you likely have to think about not only the company’s taxes, but also tax considerations related to compensation you receive beyond salary and bonuses, such as stock options. Planning for executive comp involves not only a variety of special rules but also several types of taxes — including ordinary income taxes, capital gains taxes, the NIIT and employment taxes. The TCJA also provides a bit of potential tax relief for certain types of executive comp. View Business Tax Planning Guide

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