Tax Planning During a Recession
With the continued economic issues, many business owners struggle to maintain revenue and profits. While the economic pundits pontificate about the severity and length of the current recession, it will clearly ease at different times for different industries. The real question for you, is can my business survive the storm and thrive in the next economy.
One of the biggest mistakes I see business owners make, is a failure to engage in proactive tax planning. There is a myth that tax planning is not necessary if business profits are declining. If you buy into this myth, or ease your mind by convincing yourself you don’t have the time to think about it, you are greatly increasing the odds that your business will fail. Remember, tax compliance is a necessary evil; tax planning creates and capitalizes on opportunities.
Tax planning in good times will significantly increase your income, cash flow, and personal wealth building. Tax planning in difficult economic times may create the cash flow that enables you to survive. If taxes are your third or forth largest expense, can you really afford to ignore them!! You shop and negotiate every cost, purchase, and expense associated with your business, but blindly write those checks to the IRS and state. Why??
Read our Blog for critical information regarding:
- Proper utilization and planning for current and prior Net Operating Losses
- Income and Tax Deferral
- Health and Retirement Benefits
- Payroll Taxes
- Owner specific Compensation and Benefit Planning
- Proper Documentation and Implementation of Tax Planning and Strategies
Finally learn how to keep more of the money your business earns! Call us for help or with questions!
The Business Wealth Preservation Group is a professional services firm dedicated to providing superior individualized and custom service to individuals and their businesses in the areas of asset protection, tax planning, exit strategies, and wealth building. Simply put – we want to educate you on all relevant opportunities to put more dollars into your pocket, your business and your future.
We focus on leading edge, sophisticated, and safe business strategies that will help business owners structure, operate and maintain their business to take advantage of business and tax laws rather than being encumbered by them. We partner with the business, the accountant, and the attorney to ensure the business owners are capturing all available benefits that align with their business and personal goals.
Call Us Toll Free: (888) 938-2975 (888-WE-TAX PLAN)