Planning for Your Business Tax

It’s never too early to start your business tax planning. Each year, small business owners have to pay business income taxes, as well as other types of taxes, depending on their unique situation. Fortunately, there are ways to minimize taxes, along with personal and business costs.

Understanding Your Business Taxes and Costs

To help you with your business tax planning and considerations, you must first understand your company’s business taxes and costs. Here’s a breakdown of what companies typically pay:

  • Business income taxes, which depend on your company's legal form
  • State and local income taxes, which depend on your company’s locations
  • Business licenses and permits, which rely on your company’s location and type
  • Employment taxes. Although most employment taxes are federal, some states have different employment tax costs
  • Self-employment taxes, which can be higher or lower depending on your total company’s income.

If you're not sure where to start understanding these taxes and costs, Koontz & Associates can help. Contact us today to speak with one of our skilled business tax attorneys and learn more about how we can help you prepare for tax season this year.

Understanding Tax Law Changes

Tax law changes regularly, and it’s critical to know how these shifts and alterations will help or hurt your annual tax bills. According to recent tax law changes, for example, small businesses that are not corporations can access a 20% tax cut on net business income in addition to typical company deductions. 

While staying on top of these tax law changes can be difficult, it’s critical for the health and wellbeing of your company. Don't worry, though - you don't have to do it alone. Our team will track tax law changes for you. Armed with this information, we'll provide professional recommendations to keep your tax life neat and clean, while you invest your time and energy on things you love.

Planning For Your Business Taxes

While business taxes are unavoidable, they don’t have to hurt quite as much as you expect them to. Here at Koontz & Associates, our team can help you understand your business tax burden, plan to alleviate or reduce it and understand exactly what you're liable for each year. We know that nobody likes taxes, and it’s our goal to help you master yours. 

By educating you about the ins and outs of tax law, and catching the tiny changes and alterations you might otherwise miss, our team steps up for you, ensuring tax law isn’t as difficult as you always imagined it would be.

Ready to learn more about our business tax planning assistance? Contact our team today. We’re happy to answer any questions you might have and help you schedule your consultation appointment today.

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