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Craig W. Schubert
Financial Planner
Business & Financial Strategies, LLC
Providing Insurance & Financial Services
1657 Crofton Blvd, Suite 200
Crofton, MD 21114
Phone: 410-841-0032
Fax: 410-841-0030
November/December 2023
Tax Planning: A Must for Your Business
How much do you understand about your business’s tax situation? Simply filing taxes each year without first engaging in strategic tax planning could mean your business overpays its taxes. Your tax, financial and legal professionals can provide guidance with the big picture in mind.
Why Hire a Tax Consultant?
While your accountant may have the expertise needed to file your taxes, he or she may have little experience developing a strategic tax plan. A professional tax consultant generally will know current bookkeeping practices and the ever-changing tax laws that affect your business and can help you develop a strategy that maximizes savings and business profitability.When included in the planning process, your financial professional can offer an additional perspective and insight into your specific business situation.
Moves To Consider
Reducing adjusted gross income (AGI) may result in a smaller tax liability. Here are steps you can take to help lower your AGI and manage taxes.- Contribute to a retirement account for yourself and your employees.
- Contribute to a Health Savings Account (HSA) as part of a High Deductible Health Plan (HDHP).
- Invest in business insurance. Premiums are tax deductible.
- Offer employees fringe benefits, such as health, disability, and long-term care insurance; tuition assistance; childcare assistance; transportation benefits, etc.
- Develop a marketing plan. Advertising and marketing costs may be tax deductible.
- Charitable contributions made by your business may be tax deductible.
A Limited Opportunity
The qualified business income deduction (QBI) allows eligible self-employed and small business owners to deduct up to 20% of their qualified business income. A professional tax consultant can help you navigate the complex rules and calculations determining your eligibility. QBI is scheduled to sunset in 2025, unless Congress acts.1062042-00002-00
Craig W. Schubert is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), A Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Business & Financial Strategies, LLC.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Business & Financial Strategies, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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