Golden Tax Relief has released a new report covering the top ten year-end tax planning strategies for businesses.
Elmhurst,United States - December 30, 2022 /PressCable/ —
As tax season approaches, Golden Tax Relief releases tax planning strategies to help businesses legally reduce their tax liability. In a new report, the tax planning firm lists the top ten strategies business owners may not know about, but which could help them reduce tax burdens for the current year.
Golden Tax Relief understands that taxes are the biggest expense for any business. As such, its team of certified tax planners has developed tax reduction strategies, which allow businesses to pay the least amount of taxes allowable by law.
“As 2022 comes to a close and people begin closing their books and preparing for the year ahead, Golden Tax Relief is here to offer some tax planning strategies that may just make your new year start with extra money in your coffers,” said company founder Ben Golden.
The report explains how starting a family management LLC, timing business expenses, and making business websites ADA-compliment can help business owners reduce liabilities for 2022. A family management LLC can provide advantages such as asset protection, pass-through taxation, and estate planning, says Golden Tax Relief. “If you need office equipment or business vehicles, purchasing prior to the end of the year could help lower your taxable income for that year,” explained Ben Golden. “You can also make your website ADA-complaint for a $5K tax credit and lower your tax liability,” he added.
Other strategies recommended by Golden Tax Relief include both getting married and not getting married, as well as getting a divorce. The tax planning experts explain that depending on factors such as individual income and home ownership, business owners can take advantage of specific tax benefits.
For instance, if two high-income individuals are planning a wedding, getting married before the year’s end could reduce their liability, as married couples are taxed at a lower rate than single people. On the other hand, “there could be an advantage to waiting until the New Year if you both own houses. The IRS considers you married for the entire year if you are married on or before December 31st of the current year. If you both own your homes, waiting to get married until the New Year may increase your mortgage interest deduction,” said Ben.
Combined, these legal tax reduction strategies can become part of a larger tax plan designed to offer more flexibility, generate savings year after year, and promote sustainable growth.
About Golden Tax Relief
Founded by Ben Golden, the tax consultancy specializes in tax reduction strategies for businesses, individuals, and families. It provides custom and detailed tax plans developed to minimize liability in accordance with legal obligations and responsibilities.
Interested parties can learn more about Golden Tax Relief at https://www.goldentaxrelief.com
Contact Info:
Name: Jacinta LeDonne
Email: Send Email
Organization: Golden Tax Relief
Address: 100 South York Street Suite 214, Elmhurst, Illinois 60126, United States
Website: https://goldentaxrelief.com/
Source: PressCable
Release ID: 89087301
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