When It’s Time To Switch Entities
Plan ahead. Reap the rewards.
La Crosse, WI – Tax season is over, and this year many business owners were hit with an unexpectedly large tax bill. Perhaps the best question you can ask in this situation is: “What can I do so this never happens again?” The answer? Plan ahead! And now is the time to do it. La Crosse expert, Reginald K. Boldon, CPA, offers some tips on how to prepare accordingly, to receive major savings on your next tax bill.
“Here’s a simple formula for you: More time to plan = Better tax plans = Less tax. And the #1 question for most taxpayers right now is how to pay less tax on their next tax return. Sure, there are strategies to pay less tax, find more deductions and above all else, reduce the chances for audit on your return, even now. But if you want to really save on taxes, then start planning your tax strategy,” Boldon said.
Often times the best tax planning is making a change you never knew you needed. Having a professional evaluate the situation could save you time and an incredible amount of money.
“Over the last month, there have been many times when I have met with a new client, who owns a business (usually an LLC or a Sole Proprietorship), and they mention how hard they are getting hit with taxes, year after year. So, as you might expect, I offer to take a look at their tax returns for the past few years, and after doing so, I sometimes ask them why they aren’t operating as an S-Corp. The answer is usually pretty similar, ‘I don’t know? ... Should I be one?’ I have rarely met an S-Corp structure which I didn’t like. But it is true -- they don’t necessarily work for everyone. But, if done right, they often can return 4-5 figures of savings per year for a business,” Boldon said.
Perhaps for you, years ago an LLC made sense, but it doesn’t anymore. And, when you ask your other accountant about it, if they don’t give the S-Corp option a serious look then you know it is time to get a second opinion.
“Plan ahead,” Boldon concluded, “... and reap the rewards.”
At RKB Accounting & Tax Service, Reginald K. Boldon specializes in helping business owners and individuals maximize the fruits of their hard work by minimizing their tax burden within the limits of the law. Give him a call (608) 782-6433, email email@example.com or visit his website http://lacrosseaccountant.com.
- Contact Information
- Reginald K. Boldon
- RKB Accounting & Tax Service
- (1) (608) 782-6433
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