Tax Planning Tips For 2020

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Tax Planning Tips For 2020
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• When it comes to planning your taxes as a
  business owner, it always pays to form a game
  plan for the approaching new tax year to help
  lessen the impact come April, and here are a few
  tips for doing exactly that
• Register your business as an LLC
• With the ill-advised assumption that their
  business is defined as small, owners often fail
  to choose the correct corporate entity for their
  company. By becoming an LLC, some self-employment
  taxes can be eliminated as well as providing you
  with other tax benefits, especially since the new
  tax law was passed.

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• Keep abreast with changes to tax laws
• Being aware of any tax changes and knowing how
  they might affect your business, is critical if
  youre to make the right decisions for the
  future, and for preparing your tax return and
  getting it right. Some tax changes were
  beneficial to the taxpayer, while others were
  not, but either way, you need to know which ones
  are relevant to you and your business.
• Take advantage of IRC Section 170(e)(3)
• There is a generous, but often unknown tax
  benefit afforded to C-Corporations by the
  Internal Revenue Code Section 170(e)(3), and if
  your business sells goods of any description, you
  should know about it.

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• With the power to turn a chronic corporate
  liability into a strong financial asset, it takes
  the form of a legitimate tax deduction. This is
  currently a well-kept secret, but armed with the
  right knowledge, C Corporations could help to
  drastically alter the way the country disposes of
  unprofitable inventory and make NGOs able to
  help those in need in a more effective way.
• Purchase Captive Insurance
• Captive insurance is when a company creates its
  own insurance named as captive, and any
  premiums paid to the Captive become a tax
  deduction for the company, and not income. Upon
  succession of the Captive, the money will be
  taxed but at lower dividend rates and allows for
  indefinite deferral of earnings.

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• There is a little compliance and tax work
  involved with Captive Insurance, and as a small
  business owner, youd need to check with a tax
  professional with this type of insurance would be
  beneficial for you.
• Organize your records
• This timeless tip is perhaps one of the most
  important when it comes to planning your taxes
  but is equally the most frequently overlooked.
  Dont let January and February being taken over
  by a huge rush to get your books and receipts up
  to date, by getting organized well in advance of
  the filing date. The easiest way to ensure that
  you meet your tax deadlines is to use the
  services of a professional tax planner, but you
  will still need to provide them with a certain
  amount of information that has been properly
  filed and organized.

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• Planning for your taxes can be a real headache
  for even the most organized of business owners,
  and most would strongly recommend that a
  professional be on board to help minimize the
  stress and the risk of facing penalties for late
  or inaccurate filing.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services Miami Beach.
  If you are looking for individual tax preparation
  in Miami Gardens, Heyer Associates would be a
  right option.