Strategic Tax Planning for Business Owners
Proactive tax planning and strategy for business owners and high-income professionals seeking to reduce tax liability and build long-term wealth.
A Strategic Tax Approach
Taxes are your largest lifetime expense.
Tax-smart decisions are crucial to wealth building & preservation. But tax rules are complicated and constantly changing. Tax strategy isn’t something you can set and forget.
At Agate CPA, we focus on the opportunities & risks in our clients’ tax situations.
Why Choose Us
Individual Tax Preparation
We help you navigate the complexities of personal taxes. We focus on minimizing your tax liabilities and keeping you informed and compliant.
Business Tax Preparation
Business taxes are hard. Whether you're a single owner working from home or your business has multiple owners with operations nationwide, we've got you covered.
Tax Strategy
Tax strategies require year-round attention. They don’t just happen. We keep you updated, ensuring your strategies evolve with changes in tax law and your financial situation.
What our clients say
FAQ
Do I need an LLC for my business?
LLC stands for Limited Liability Company. It’s one of several legal structure options that allow you to create a business in accordance with state laws. There are other choices, too, such as a Corporation, a Partnership, and a Sole Proprietorship. One of these isn’t better than the other although one or more may be more optimalfor your particular situation. Your corporate attorney can help you determine how your business can best be structured for legal purposes. Your tax advisor can help you determine how your business can best be structured for tax purposes. With few exceptions, tax deductions remain the same across all legal structure types, including LLCs.
Should my business be an S Corporation?
Think of an S Corporation as a federal tax plastic wrap you can use to “cover” a business entity – such as an LLC or a Corporation – to obtain a certain federal income tax treatment. Specifically, S Corporations allow business owners to reduce self-employment tax in certain situations. There are numerous pitfalls involved in structuring your business as an S Corporation for federal tax purposes. S Corporations are not suitable to every situation. Your tax advisor can help you navigate the complexities of S Corporation tax rules to determine if an S Corporation is appropriate for your business.
I’m a business owner and I’d like to set up a retirement plan. What are my options?
- Solo401ks and SEP IRAs are an easy go-to if you don’t anticipate employees and you want to put as much away as you can.
- Traditional IRAs work well if you’re short on free cash. If you can’t put much in, there’s no need in establishing a more robust retirement plan that requires more administrative hassle and higher costs.
- Roth IRAs could be a good fit if your overall income will be low enough to allow for the contribution. These are sometimes used in conjunction with a SEP/Solo401k which are used to bring income down low enough to allow for a Roth contribution.
- Traditional & Roth 401ks are a typical choice for growing businesses who want to allow employees to maximize their own contributions.
- SIMPLE IRAs are also an option, although less widely used. While they do have less administrative hassle when compared to a Traditional 401k, allowable annual contributions aren’t as high as with a Traditional 401k.
- Defined benefit plans are used infrequently, but a potential option for a small business with HUGE profits also meeting other criteria. Use these when you have the right fact pattern, want a current tax benefit, and have so much free cash you don’t know what to do with it!
Tax News & Tips
