The Business Net - Business Coaching - Accounting

Tax Planning Workbook - 2021 and Beyond

This workbook is a hands on process. Our intent is to show you the process of producing a tax plan for your business.

Tax Planning is to make you aware of:

Some of the many tactics allowed by tax law.
Ways you can maneuver business activities to bring taxes down both business and personal.
The process of developing a tax plan.

Getting started:

You will need your business’ financial statements year to date. These statements then need to be projected to the end of this calendar year.

What is "Reasonable Compensation"?

Reasonable Compensation is a current high priority issue for the IRS concerning all corporations, especially S corporations

Wage Compensation for Corporation Officers

Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contribution Tax Act), FUTA (Federal Unemployment Tax Act), and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Sub-chapter S corporations should treat payments for services to officers as wages, and not as distributions of cash and property or loans to shareholder or limited liability company members.

The Tax World for Businesses

No Avoidance of the Taxing Authorities.

If you believe that you know all of the taxes your business may be exposed to, you will probably be wrong. Is it 4, 5, more?

The best way to minimize the impact of taxes on your business is to develop an overall tax strategy plan. This plan will help you and your tax adviser to anticipate the tax or filing requirement before it comes up. Planning also allows you to plan to take advantage of every possible legal reduction of your taxes.
All Businesses will have Certain "Basic" Taxes.

Business Help

Tax Help

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