Goleta Business Tax Accountant

Business Tax Accounting Goleta Income Tax Accountants

Here at Walpole, we feel that addressing your tax liability effectively requires year-round planning. Business owners who reap the most benefits consider their taxes throughout the year rather than scrambling to file tax payments a few weeks before the due date.

Did you know that small business typically qualify for roughly a dozen tax deductions? Here are some examples of deductions you can claim:

  • Business-related travel and entertainment expenses
  • Purchases of office supplies, furniture, equipment, and software programs
  • Contributions toward insurance policies, retirement plans, and pension funds
  • Telephone expenses
  • Cars operated for business purposes

Here are some items that stood out to us on the new tax bill for businesses:

  • The tax rate has been lowered from 35% to 21%.
  • The corporate AMT is eliminated.
  • Section 179 expensing limit is increased to $1 million.
  • The new law limits the deduction for net operating losses to 80% of taxable income.
  • Instead of being an immediate deduction, research and development expenditures will need to be written off gradually. This doesn't kick in immediately, however.
  • "Pass-through" companies get a 20% reduction, but there is an income phase out.

When business owners first come to Walpole, we are surprised at how many of them never take advantage of these deductions, mainly because they suffer from the “tax-planning-is-for-April-only” syndrome. Au Contraire! The truth is, to fully benefit from these deductions, business owners must methodically maintain their expense records year-round.

Don't forget the importance of keeping up with accurate tax records.

To direct you on the right path to reduce your tax liabilities, you should retain records of your purchases and determine the proportion of business costs in combined expenses. When you monitor your expenses diligently throughout the year, you can analyze each expense for its tax impact as it is made.

The old tax laws were tricky. The new tax laws are even trickier! If you can avoid violating tax laws and bypass a visit from the IRS, you want to be sure about the tax laws that may be applicable to your small business. Using software and record keeping tools (and complementing that with professional advice) can help you keep your taxes in check.

Walpole can help you strategize your year-round tax planning goals.

Typically we find business owners need to reduce the amount of taxable income, claim available tax credits, lower their tax rate and control the timing of when taxes are paid.

Year-end reviews help familiarize clients with the new tax laws for that year, reveal new tax-saving opportunities, and spotlight the benefits of taking advantage of your tax-planning strategies. Walpole encourages you to contact our firm today for details about how you can benefit from these strategies.

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