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1021223-00006-00
Avraham "AY" Rappaport, CLTC
President, Financial Professional
Yaniv "Jay" Natanov
President, Financial Planner
Eli Rappaport
Vice President, Financial Planner
Shlomo Rosenstein
Financial Professional
Ozzie Marizan
Financial Planner
Joseph Greer
Employee Benefits Administrator
Dylan Pinsky
Client Relations Manager
Premier Financial
6395 Dobbin Road, Suite 102
Columbia, MD 21045
Phone: 240-309-6001
Email: dylan.pinsky@prudential.com
Website: premierfinancial1.com
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
Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
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.
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