Afraid of your upcoming tax bill?
If you are beginning to wonder what your tax liability will be this year, then now is actually the time to look at your strategy for keeping more of the money you make. If you wait until after December 31 your options become very limited and you may have to write a check that is bigger than you want to the IRS.
As entrepreneurs, I believe it is our fiscal responsibility to be the leader of our financial picture. Understanding the allowable write-offs and strategies available to us is what keeps more of our money in our pocket.
I am not talking about tax evasion. Taxes do serve a purpose in how we get to live our lives. I am talking about tax minimization.
The Government is aware of how much more powerful a dollar is in our pockets than it is in theirs when it comes to impacting the lives of our families and our communities. As such, the tax code gives us many options so we are able to keep our dollars and reinvest them in our companies, communities, and our families.
Understanding how your tax liability is calculated is the first step. For most service-based companies it’s your net income figure. You may look at that number and find it interesting because you may not have that amount of cash in your bank account. That is a cash flow conversation for another time 🙂 What is important is understanding the write-offs you still may have available and/or the tax you have already paid.
For our clients who have a net income over $50,000, we are developing strategies to keep them in the lowest tax bracket possible. Often their business is not the only source of income for their tax picture – and it all counts.
If you find yourself in that boat and would like to explore the options available for you, let’s talk! Often in our CFO Reviews, we can uncover the best strategy for you.
Who is the best fit for this review?
If you have good tracking in place already so we have actual numbers to work with, then we can help with a CFO Review. If you still need to get it all pulled together we can help with that too, it’s a must before a review can be completed.
It would truly be our pleasure to help you keep more of your money in your pocket. If you are interested, reply to this email or reach out to Amber at 406-257-6044 to get scheduled!
Looking forward to hearing from you –