If you own your business you’ve probably discovered that the IRS tax code is a complicated thing. Or perhaps you’re one of the lucky ones who turns over your tax and accounting responsibilities to a professional with the hope that you are maximizing your savings.
Our hope is that you fall into the latter group, but experience tells us that your accountant most likely is leaving some of your hard earned income on the table and that you are quite likely paying more than your fair share of taxes – especially if you own a business like many of our clients at Ark Financial Group.
Below are five questions that could lead to substantial savings using proven, proactive tax planning strategies taken right from the IRS tax code.
Do you lease your home to your business for the maximum time the IRS allows?
The IRS allows you to do lease your home to your business every year and pocket the income tax-free. It is surprisingly easy to meet this requirement and use the formula from the IRS to do it.
Do you hire your children to work in your business as spelled out in the IRS code?
There’s nothing new about this idea and many businesses have employed this tactic for years. However, few know how to take the full advantage allowed by the IRS. This tactic creates savings in several ways.
Have you changed your health plan to a qualified HSA plan to save the most taxes possible?
This tactic is growing in popularity as it is the only vehicle where you can save on both deposit and withdrawal. If you are over 55 there are catch-up provisions as well.
Are you maximizing retirement savings to the fullest? (If you’re over 50 chances are you are not…)
Have you been maximizing your retirement savings to date? Good news! There are several vehicles available to both your business and personal accounts! There are also plenty of ways to use catch-up provisions to reduce your taxes substantially.
Have you considered starting a private foundation?
This benefit has been used by the ultra-wealthy for generations The same, simple strategy can save anyone thousands in taxable income that outlive the taxpayer and create the potential for the maximum retirement income.
Is it time for you to get the Ultimate Entrepreneur Tax Plan?
Learn more about how our Ultimate Entrepreneur Tax Plan can potentially save you tens of thousands of dollars in taxes you are currently overpaying.
After a simple 15-30 minute no obligation assessment, we’ll determine if we can substantially reduce your tax burden. If so, we will develop a tax savings plan utilizing our exclusive Ultimate Entrepreneur Tax Plan. Our system provides a clear tax reduction plan customized specifically to you and your business.
Sources of tax savings, along with implementation plans, are highlighted and summarized so you can be confident that the savings are real. It doesn’t get easier than that.