Sometimes it feels like we live in a world of mega-corporations. However, small businesses employ nearly half of the nation’s private workforce and account for 99.9 percent of all business, according to the SBA (Small Business Administration). Additionally, their business models are generally tailored to the local culture and needs. In truth, they are the heart and economic lifeblood of communities such as Rancho Cucamonga, CA. Whyte & Associates, Inc. is proud to support and assist our local small businesses with essential financial services, including tax planning services.
There are many misconceptions regarding tax saving strategies, fueled by media stories about large enterprises that save millions – sometimes unscrupulously or even illegally. You might think that your revenue is too low, and your ethical standard is too high for something like that. Unfortunately, many small business owners forgo tax planning for that very reason. Dubious tax dodging schemes and legitimate tax planning strategies are two different things.
Tax planning, when done properly, is perfectly legal, acceptable, and a smart business move. Furthermore, it is not just for those with billions of dollars in revenue and millions owed in taxes. It is an important way for small businesses and individuals to keep more of their hard-earned dollars.
Every business is different, but the common elements of a good tax strategy include:
You are an expert in your field. However, unless that field happens to be accounting, you probably do not know what credits available, what deductions are legal, or exactly what will impact your final tax bill. Do not worry, this is our field of expertise. Just give us a call at (909) 575-0080 to learn more or schedule an appointment to discuss your small business tax strategy.