Owning your own service business comes with a lot of perks, as well as its share of risks.
When you’re just getting started there’s so much you don’t know that you don’t know. That’s the reason it’s so vital for new entrepreneurs and service business owners to work with a tax professional right at the very beginning.
You get all the benefits of tax planning without the headache of creating bad habits that can lead to major tax issues down the road.
I like to tell my clients that owning a business is the last legal tax shelter, take advantage of it!
If I told you that if you simply implemented one particular system for managing your records that you could save thousands of dollars this year, would you do it?
The answer is yes! Of course, you would!
That’s what tax planning is for your service business.
The reason that the wealthy pay less tax than most people is not because they earn more than everyone else. It’s because of how they earn it.
The wealthy take advantage of all the deductions and loopholes, credits, and tax breaks available to them by being business owners, so why wouldn’t you do the same thing?
Every single service business owner can do what the wealthy in this country do and put a plan in place to keep more of what they earn.
The trouble is most service business owners think tax planning will either cost a lot of money or that the IRS will come after them if they claim too many deductions. Or that it will take too much time to keep track of all the records that the IRS requires of them.
Let’s bust a myth real quick.
No service business is too small to take advantage of tax planning. You don’t even necessarily need to show a profit to take advantage of deductions, credits, and other tax strategies.
If you want to be one of the service business owners that are using completely legal tax strategies in their business to keep more money in their pocket, then you need to keep accurate records.
That’s one area you shouldn’t be cutting corners on. If that’s not your cup of tea then you need to hire a professional to help you.
Accurate records are what enable your service business to claim all the available deductions and tax credits that allow you to maximize your tax savings and minimize your tax liability, and it’s the most important first step in implementing a tax planning strategy.
If you want to save yourself time and money in trying to come up with a robust record-keeping system yourself you’re in luck! Give us a call and we can help you implement a system that’s easy to follow and doesn’t let anything slip through the cracks. Our team of tax planning professionals would love to help you get started, you can book your free consultation call below.