How Businesses Can Maximize Tax Savings

How Businesses Can Maximize Tax Savings

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Maximize Savings with Small Business CPAs

This year some small businesses are thriving while others are still struggling to recover from the economic crisis brought on by the pandemic. Changes under the Tax Cuts and Jobs Act (TCJA) still demand expert attention, too. Whatever your business’s situation is, taking full advantage of available tax breaks — including temporary relief in response to the crisis — is critical.

If you own a business, it’s likely your biggest investment. Thinking about long-term considerations, such as your exit strategy, is critical. Additionally, 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.

For trusted small business accounting services from professional tax advisors, reach out to us today and receive a free consultation! With locations in Dallas, Denver, Salt Lake City, and many more, we can connect you to qualified CPAs.

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