CHOICE OF ENTITY
The entity type that you choose for your business literally defines the rules (including your tax rate) by which your company must compute and pay its taxes. Those rules are different for each type of entity. Depending on your business situation and the type of entity that your business is in, those rules may be penalizing you by thousands of dollars every single year! It is possible to make a change to your choice of entity, and that change can take very little time and effort on your part.
The purpose of this web page is not to tell you which entity is best for you and exactly how much money you can save in taxes by picking one of these entity choices. Every business situation is different and each business operates under a unique set of circumstances. Consequently, there is no one entity choice that will work for everyone
Obviously, there are many factors that determine how much tax you pay: the accuracy of your record-keeping, how organized you are, your knowledge of all the many available tax deductions, etc. But you may never know if you could be keeping that cash in your pockets unless you take the time to find out.
TYPICAL CONCERNS & OBJECTIONS
MY CPA IS GETTING IT RIGHT
Most companies think that they are doing the best that they can from a tax perspective, or are in denial. I cannot tell you how many times I have heard a business owner or CEO say "I'm sure my CPA is getting it right." But in 10+ years of providing tax planning advice, I can count ON ONE HAND the number of times a business was actually getting the best tax result that they could. Give us a call. In less than an hour we can tell you whether your company could benefit from tax planning. Often times we can also provide you with a very accurate estimate of the amount of money you could be saving.
I DO NOT HAVE THE TIME
We know that you have no desire to become your own accountant. Many small businesses rely on their owners to keep the revenue flowing. Consequently, the best use of your time is to keep the operations moving. It is that old sailing dilemma "we cannot put up the sails because we are too busy rowing." I have yet to meet a business owner who thinks it is a good idea to spend more time in accounting and administration tasks. Let me allay some of those fears. We can help you to make this a smooth and (relatively) painless transition. For restructuring your choice of entity, we will need 2-3 hours with you (or your accounting staff) at the beginning of the project, 2-3 hours near the end, and in some cases an additional 4-6 hour annually in recordkeeping efforts.
I CANNOT AFFORD IT
First of all, your initial consutation is FREE. Everyone can afford free. Once we get beyond the initial consutation, tax planning is like any other business decision - you should compare the benefits with the costs. Before we launch any project, we can show you how much money you are likely to save. For example, with your prior year's tax returns we can calculate exactly how much you would have saved had you implemented the project last year. Unlike the vacuum salesman who tells you that buying his vacuum will save enough money to fund your retirement plan for the next 25 years, we use apples-to-apples comparisons using your businesses actual income.
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