TAX PLANNING FOR BUSINESSES
At Cornerstone, we know that taxes can be one of the largest burdens that any business can face. With the proper tax planning, taxes can become a relief for smart-minded owners. Working out an appropriate tax solution now can save your business significant tax liability in the future. We will help organize your business appropriately in order to minimize personal or business liability and tax obligations. We can help you whether your business is formed as an LLC, Corporation, Partnership or Sole Proprietorship. We provide both Federal tax planning and return preparation services for small to mid-sized businesses. We can also assist business owners with their personal tax planning and tax return preparation. With prudent tax planning, Cornerstone can help your company lower its taxes. If you are not familiar with the difference between tax preparation and tax planning, click here.
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CHOICE OF ENTITY
Choice of Entity is the single most important factor in determining your annual tax bill. Your small business could reduce its tax burden by $5,000, $10,000 or more every single year by making a simple one-time change in your Choice of Entity.
Which type of entity is best for you, and exactly how much money you can save in taxes can only be determined by examining your circumstance. Each business situation is different and each business operates under a unique set of parameters. Consequently, there is no one entity choice that will work for everyone.
However, the totality of the advice you likely received when you formed your business entity was “you need to form up as a _______________” (fill in the blank). Your legal structure may provide the best tax result for your business. But you will never know if you are paying thousands more in taxes each year than is necessary if you do not ask. Give us a call, and in your free initial consultation, we can tell you.
YOUR CONTRUBUTION TO THE FED
Are you interested (or concerned) how the Federal government fritters away your tax payments? Maybe you want to see what various federal budget cuts would do to the federal deficit. If so, then you may want to visit these sites. http://www.heritage.org/
http://www.thirdway.org/taxreceipt
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CURRENT TAX NEWS
Social security wage base increases to $113,700 for 2013
The Social Security Administration announced that the wage base for computing the Social Security tax (OASDI) in 2013 increased to $113,700. The wage base for 2012 was $110,100. Read more
The Fiscal Cliff, the Taxation of Health Insurance, and the Retirement Crisis
Now that the election dust has settled, much of the news is about the looming fiscal cliff. As most of us recall, this is not a new issue, but one that our elected leaders have created for us. Read more
2013 limits for Archer MSA HDHPs
The IRS issued Revenue Procedure 2012-41, providing inflation-adjusted figures for welfare benefits in 2013. For Archer medical savings accounts (MSA), a high deductible health plan (HDHP) will include a... Read more
More Current Tax & Business News
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