A Tax Saving Secret
If you are ready to save big on your 2017 taxes by taking really smart steps before December 31st you are going to appreciate this article.
Waiting until after December 31 to determine your tax strategy options leaves you with limited choices like a government run investment option such as an IRA or writing a check to the IRS for taxes.
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 sound tax strategy that supports your goals in the long run.
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 and our families.
You may have heard people talk about buying a vehicle or piece of equipment before year end, or maybe prepaying expenses for the next year. How do you know if these are good choices for you?
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 J What is important is understanding whether or not additional expenses are even necessary.
For our clients who have a net income over $50,000 we are developing strategies for them 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.
So if you are ready to save big on your 2017 taxes by taking really smart steps before December 31st email us at wealth@thecfoagency.com with “TELL ME MORE!” in the subject and I’ll get you the details right away. Huge tax savings, smart bottom-line decisions and that wonderful feeling of knowing you are building your business right are just one email away!
