What business entity is best for you? Which will allow you to lower your tax bill, hyper fund your retirement, or meet your objectives?
C Corp Taxation
Double taxation isn't always a bad thing. A C corp pays tax on its profit and shareholders pay tax on wages and dividends. Learn how this can benefit you.
S Corp Taxation
Social Security and Medicare taxes are 15.3% of net profit. If you operate a business the S Corp election may enable your to lower your tax bill by 15.3%.
LLCs can choose to be taxed as C corps, S corps, partnerships, or pass through entities. What's best for you?
Take control of your investments and forego paying taxes until you withdraw retirement funds. With an SDIRA you control investments, and defer taxable gains.
With a solo 401k you can hyper fund your retirement and put away as much as $54,000 per year while a traditional IRA has limits as low as $5,500.
Tax Planning in 2020
Tax plans are as unique as we are, no two are alike.
Are you self employed? Are you operating as a sole proprietor? Are you the sole owner of an LLC? Is it taxed as a pass through entity? Are you the shareholder of a corporation? Is it taxed as a C corp or S corp? Are you doing business with a partner? Were any filings made with the Secretary of State?
These questions are a small sample of the ways in which your tax situation will differ from others. The answer to each question will determine what's best for you.
We work with individuals an businesses to craft a tax plan that best suits your needs and that of your business.
2018 brings a new set of opportunities where businesses and business owners may be able to take advantage of the many provisions in the Tax Cuts and Jobs Act that can lower your tax bill.
Contact us and set your appointment to see how we can help.
Jake Mellor is the CEO/Founder and Principal Broker of the Strategic Wealth Solutions, Strategic Tax Solutions, Strategic Insurance Solutions and A+ Farms. An MBA, Master of Accountancy, is a CPA Candidate and has been advising clients as a Certified Financial Planner Practitioner since 2012. He provides comprehensive consulting services from all aspects of operating and growing their business.