Louisville Minimizing Business Tax: Compensation Planning & Business Structure
Comprehensive Tax Minimization
You can spend hundreds of hours each year on your company’s taxes and still miss opportunities to reduce your tax exposure. The experts at Associates in Accounting, CPA, will reduce your administrative burden, while also optimizing your tax minimization strategy.
Go to https://associatesinaccountingcpa.com/ for more information.
In the first instance, they will review the structure of your company and advise if LLC, S Corp, or C Corp are more appropriate. They will also optimize your owners’ compensation packages to maximize returns will minimizing taxation exposure.
Associates in Accounting, CPA maintains an ongoing awareness of available tax deductions, both in Kentucky and at a Federal level. The four-tier tax minimization program includes a review on which deductions you are currently applying, and whether any have been missed. Finally, the firm is compiling a convenient database of effective tax reduction strategies, allowing it to quickly identify the most suitable tools for your own circumstances.
“The goal of tax planning is almost universally to reduce the amount being paid,” Senior Partner, Rick Fields, CPA, explains. “There are four basic parts to a good tax plan: the structure of the business, how the owners receive benefits, reviewing which deductions are being taken, and ensuring that the plan reflects best-practice methods going forward.”
A Time-Consuming & Complex Process
According to a survey conducted by the National Small Business Association, one third of small businesses say that they spend more than 40 hours each year dealing with federal taxes, while 11% say that the process occupies over 120 hours of their time. Payroll and income taxes were identified as being two of the most time-consuming administrative tasks.
With the latest program, Associates in Accounting aims to reduce much of the administrative burden for your business, while also helping you put in place more effective tax minimization strategies. The firm points out that an initial investment of time will still be required for new clients to ensure that the most effective strategies can be determined.
About Associates in Accounting, CPA
A member of the Kentucky Society of Certified Public Accountants, the American Institute of CPAs, and the Jeffersontown Chamber, Associates in Accounting, CPA is one of the leading CPA firms in the greater Louisville region. In addition to tax planning and minimization, the firm offers payroll preparation, accounting software consulting, bookkeeping, IRS representation services, and more.
“Associates in Accounting have been doing my taxes for over seven years, and they’re always great,” one client stated. “The staff are always quick to respond to any query, even though their client list has been growing. I guess that’s a good indication that they’re doing something right. I highly recommend this company.”
For the most thorough and effective tax minimization strategies in Louisville, speak to the specialists at Associates in Accounting, CPA.
Check out https://associatesinaccountingcpa.com/ so you can learn more.
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