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What Every Small Business Owner Should Know About Tax Strategies

November 12, 2018

As 2018 comes to an end, it’s time for small business owners to start thinking about tax strategies. While it may seem complicated at first, you can save money during tax season. You’ll just need some time to plan a proactive strategy. Halon Tax can help you with that. Our certified CPAs and tax experts help our customers save as much money as possible during tax time.

Minimize Your Risk First

When it comes to tax strategies, the first thing that you should do is minimize your risk. For example, is your business structure putting your livelihood in danger? If you run your business as a sole proprietorship, you may be working with unnecessary risk. Incorporating your business will protect your assets. Furthermore, it gives you some flexibility in the tax department, whereas a sole proprietorship doesn’t offer much wiggle room.

Comb Through the Books

You can also minimize your risk with some thorough bookkeeping at the end of the year. If you start your taxes by cleaning up your financial statements, the rest of your tax process will go more smoothly than if you had left the books alone. This way, you’ll catch potential problems right at the beginning so that they don’t catch up to you later.

Furthermore, if you go through your books with a tax expert, you can make the most of your refund. CPAs and bookkeepers can find deductions that you may have missed. At Halon Tax, for example, we take an “aggressive but legal” stance on your taxes. We look through all possible tax strategies to save our clients money during tax season.

Your Sole Proprietorship Could Put Your Family At Risk!

If you have what is called a "naked" sole proprietorship, you may be putting your assets and family in danger.
To see if you have your business setup correctly, and to learn how to fix your current businesses structure, download our free ebook:
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Clients of Halon Tax Grow Their Revenue by 18%/yr on Average

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Set Up a Retirement Plan

If you have employees, setting up a 401(K) option can help you lower your tax costs. When you make contributions to a 401(K) plan as an employer, those contributions are tax deductible. Of course, there are retirement plans other than the traditional 401(K). The right plan will depend on your employees and your business, so it’s always a good idea to ask about retirement plan choices when you discuss tax strategies with your accountant.

Tax Strategies

Are you looking for help with your tax strategies? Halon Tax has exactly what you need. At Halon Tax, we combine all of the convenience of a tax software with all of the thoroughness of a CPA. If you’re ready to talk taxes and get the most out of your refund, contact Halon Tax today.

Joe Schueller

Joe Schueller has several years of experience auditing business tax returns and helping individuals with income tax questions. When he's not working, he enjoys the outdoors, hockey, and hanging out with his dog.

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