Tax Strategies

Six Quick Tax Strategies

Use these six quick, smart, proactive strategies to help reduce your business tax burden this season and beyond.

1. Retirement Contributions
Strategically increasing retirement contributions before filing can reduce taxable business income while helping you plan for the future.

2. Maximize Deductions
A thorough review of expenses—including travel, repairs, and employee appreciation—can uncover valuable deductions you may be overlooking.

3. Contractor vs. Employee Planning
Using independent contractors can provide flexibility and cost efficiency when structured correctly. We help ensure proper classification and compliance.

4. Depreciation Planning
Keeping your depreciation schedule current for major business assets can result in significant tax savings over time.

5. Business Structure Review
Your entity structure plays a major role in your tax exposure. We evaluate whether your current structure continues to support your growth and tax goals.

6. Tax Credits
Take advantage of available tax credits, including incentives for accessibility improvements, environmentally friendly initiatives, and charitable contributions (up to 65% in Virginia).

FAQs

How to save?

Make extra retirement contributions to reduce taxable income now.

What counts as deductions?

Check receipts for travel, repairs, and gifts that qualify as deductions.

Contractor or employee?

Hiring contractors can save money and add flexibility, but watch classification rules carefully.

Why update depreciation?

Updating schedules can unlock significant tax savings on assets.

Does structure matter?

Your business entity affects taxes; reviewing it can help growth.

When should I review my tax plan?

Review before filing taxes or after major changes to maximize benefits.