Business & Financial Solutions
Business & Financial Solutions
TAX HELP SERVICE AND PREPARATION
(855) 557-2222
Get Started Now!
  • twitter
  • facebook
  • linkedin
  • Home
  • What We Do
    • Business Start-ups
    • Accounting and Bookkeeping Services
    • Tax Services
    • Tax Help
    • Specialized Tax Solutions
    • Business Management
    • Specialized Accounting Services
    • Non Profit Organizations
    • Offer In Compromise
    • Professional Content & Business Plan Writers
    • Construction Accounting Firm
    • Accounting & Bookkeeping for Restaurants
    • Bookkeeping Services Assisted Living
    • Accountants For Smart Real Estate Professionals
    • Bookkeeping Services for Law Firms
  • About Us
  • Locations
    • Frederick Maryland Office
      • 10 Things Every Frederick Business Owner Should Know
      • 12 Tax Tips For People Living In Frederick Maryland
    • Rockville Maryland Office
      • Rockville Maryland Name One Of The Best Places To Live
      • Top 10 Things To Do In Rockville Maryland
    • McLean Virginia Office
      • 10 Things Every Business Owner Should Know About McLean Va
      • What is Tysons Corner Mall, How Can It Help Your Business
  • Contact Us
    • Careers
  • FAQ
    • How To Track The Status Of Your IRS Refund – Where Is My Refund?
    • Ask A CPA, Top Ten Questions People Ask An Accountant
  • Blog
  • Client Portal

Reducing the Tax Burden on your Business

The holiday season is fast approaching along with all the joys that come with it. But for business owners, the delights of winter also come mixed with worry and angst regarding the end of the tax-year. Owing taxes is something that every small business owner wants to avoid. Help in reducing business taxes is just one of the things we do well.

The best case scenario for every manager and entrepreneur is to reduce tax burdens as much as possible. We do so by mitigating their income taxes owed and possibly rethinking what business entity structure to utilize.  Broadly speaking, there are several important things you’ll want to consider right away. This can be especially true for entrepreneurs who live in areas with relatively high taxes such as those near one of our three offices in Vienna VA.

Take a look at what can be deducted. It may seem as obvious as checking with the IRS (or their website) to see what you can write off . But also what you can’t. However you won’t really know for sure until you check with qualified tax preparers and experts like Business and Financial Solutions. The tax code can be complicated—especially as it related to how many deductions you can claim for your business. Work with a team of experts that have an understanding of the intricacies of tax law.  And let us show you the best ways to navigate them. This is your best choice when it comes to mitigating the income tax you pay for your small business. Reducing taxes for non-profits and small-businesses is something we take very seriously.

Consider taking steps that reduce your taxable income. For example, take a look at sheltering some of your profits into retirement plans. Traditional IRAs and 401(k)s grow tax-deferred and therefore you can deduct the contributions. While there may be advantages to the Roth IRA as well, when it comes to reducing your tax burden today, traditional tax-deferred accounts are still the best way to go.

Deciding how to structure your business is one of the most important decisions you’ll make from a tax perspective. Because the setup costs, the complexity, and the amount (and way) you end up being taxed will all be contingent on how you opt to structure your company. Business and Financial Solutions (BFS) can help you navigate the differences between a C-Corporation, S-Corp, LLC, and more. We can help you look at whether a structural change is right for you. What deductions you claim, how you structure your organization, and how you prepare for your tax situation will depend on the region of the country you live in. BFS takes a customized approach to your tax situation to help you save as much money as possible.

Working with an accounting firm for the purposes of tax reduction is a practical approach. A business requires the expertise of an accounting firm and professional tax preparers. Why not get both under the same roof? Bookkeepers and tax preparation companies do not necessarily adequately have those skills needed for small businesses, and will have to be incorporated with the use of a good accounting firm.

Recent Posts

  • IRS Taxpayer Rights What Are They, What Is The Right To Finality
  • Temporary Change To Business Meal Deduction For 2021 & 2022
  • How Seniors Can Use Required Minimum Distribution (RMDs) In IRA For Charity & Lower Taxes
  • Short Term Capital Gains Tax On Crypto You Bought & Sold in 2021
  • 7 Important Things Taxpayers Should Consider When Selling a House

Archives

  • October 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • February 2021
  • January 2021
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • March 2020
  • December 2019
  • November 2019
  • August 2019
  • July 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • May 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • February 2015
  • January 2015
  • December 2014
  • October 2014
  • August 2014
  • July 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014

Office Locations In Maryland

5100 Buckeystown Pike Ste 250,
Frederick, MD 21704

17 W Jefferson St Ste 007,
Rockville, MD 20850

Office Location In Virginia

7918 Jones Branch Drive, Ste 405,
Tysons VA 22102

About BFS

Visit us in McLean Virginia, Frederick or Rockville, Maryland (Washington DC Metro Area)

Phone toll free: (855) 557-2222
Fax: (240) 297-1054
E-mail: info@bfswebsite.com

Business & Financial Solutions is a tax and accounting CPA firm. Our offices are located in Fairfax County, VA and Montgomery and Frederick Counties, MD. Our company is highly motivated in helping individuals and companies (private and non-profit) become successful in start-ups. BFS offers assistance with ongoing small to mid-size business management, consulting, accounting and a variety of tax services.

Maryland, Virginia, Washington DC
SiteLock
back up
© Copyright 2022 Business & Financial Solutions