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Tax Planning for Business Owners

Minimize your tax liability, maximize opportunities.

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Running a business often takes place on thin margins. Business owners are often required to take on significant amounts of risk to set up their businesses to succeed, even without the complications of the turbulent market conditions that business owners are currently facing.

Tax season for business owners is something that needs to be accounted for year-round — you can’t do all of your business tax planning in early April and hope to take advantage of every possible tax credit, deduction, or other opportunities. Tax planning strategies for businesses need to be set in place as early as possible and revisited regularly if you’re hoping to minimize your tax liability.

Avidian Wealth Solutions is not just a wealth management firm, we’re a partner, a multidisciplinary team of financial professionals united under the goal of providing you with a better wealth management experience. Looking for better wealth management for business owners? Schedule a conversation with us today.


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Why partner with Avidian Wealth Solutions for your business tax planning?

Extensive experience providing tax planning for business owners

The fiduciary financial advisors at Avidian have extensive experience helping businesses maximize their deductions, set plans in place that work to avoid incurring interest or penalties, and properly set their business up for what is to come.

We understand that running a business means making big decisions on a near-daily basis. As things like purchases and sales, new construction, or acquisitions happen, you need someone making sure that these material events are set up to help instead of hurt your business come tax season.

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Tax efficiency from every angle

We aim to help you think about tax implications on every possible level. Our multidisciplinary team collaborates to deploy high-net-worth tax strategies like utilizing charitable giving and tax-loss harvesting. Our full-circle approach to wealth management can help you prepare your business for the upcoming tax season, but can also help you consolidate your financial life, create personalized financial plans, and make sure that you’re ready for many tax seasons to come.

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An optimized approach to managing your existing wealth

Because tax implications are so far-reaching, if you want to receive truly comprehensive business tax planning advice, you might want to work with a team of financial professionals from different backgrounds and specialties. The financial professionals at Avidian collaborate to create your recommendations, your tax strategy recommendations will be made with input from our team specializing in financial risk management solutions and more.

Whether your portfolio needs an overhaul because you’re paying too much in federal capital gains tax in Texas, or you’re interested in tax planning strategies for small businesses to reduce your business’s tax liability, the fiduciary financial advisors at Avidian can help analyze your full financial landscape and implement solutions.

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How can a business owner reduce taxes?

1. Tax planning strategies for businesses: tax credits and deductions

First and foremost, you can make sure that your business is taking advantage of every tax deduction, and claiming every tax credit, that you possibly can. Do you qualify for a qualified business income (QBI) deduction, which can allow up to 20% of your business’s income to be deducted? Not if you own a specified service trade or business (SSTB), which would disqualify you from a QBI deduction if your income is too high.

You may be able to leverage a Work Opportunity Tax Credit (WOTC), Disabled Access Credit (DAC), or a credit to reimburse your employee’s health insurance premium. Find out which of these credits and deductions you could be taking advantage of by setting up a conversation with the financial advisors at Avidian.

2. Tax planning strategies for businesses: tax status

How your business is taxed will depend heavily on how your company is structured. Is your company a sole proprietorship, partnership, LLC, S corporation, or C corporation? If your company has outgrown its current structure, you may be able to file a tax status change.

3. Tax planning strategies for businesses: defer income

Depending on how much cash you have coming in, and how much you soon plan to have going out, it might be a good idea to defer income until the next calendar year to make sure that you don’t end up at the bottom end of a higher bracket.

The same concept also applies to accelerating income and expenses. If you believe that tax rates are about to inflate, it might make sense to accelerate your income at the lower rate. Similarly, if you’ve found that you’re at the bottom of a higher tax bracket, you can accelerate some expenses to reduce your taxable income.

4. Tax planning strategies for businesses: retirement accounts

Tax planning strategies for high-income earners often center around turning current, taxable income into future, more theoretical income, and the same can be said for tax planning for business owners.

Retirement tax strategies can include setting up and contributing to a retirement account and setting up a 401(k) or SEP for their employees to contribute to. You can not only deduct contributions to 401(k) and SEP plans from your year-end taxes, but you may also qualify for a retirement plan startup cost tax credit, which can be worth 50% of the plan’s startup costs.

Keep in mind that every business is unique. Before making any serious decisions about your business’s tax outlook, you should consider speaking with professionals, like those at Avidian Wealth Solutions, who can take a holistic look at your business and your wealth to help better set you up for the future.

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Curious about where you stand today? Schedule a meeting with our team and put your portfolio to the test.*