ARCADIA, Calif., May 28, 2014 /PRNewswire/ — For small businesses and entrepreneurs, taxes ought to be a year-round concern, but many put their tax strategy on the back burner until year's end. According to Adam Libman, founder of Libman Tax Strategies (http://www.adamlibman.com), that's a wasteful approach, especially for companies walking a tightrope between profit and loss. Instead, the firm advises small businesses to consider the income and tax implications of every single decision or purchase.
Having a qualified and respected accountancy firm on board is one way for small businesses to shift some of the tax strategy burden; for a modest investment, Libman Tax Strategies can outline a plan to save both time and money. Some of the key areas that the firm addresses include:
- Retirement Plans: Establish a plan for employees if you haven't already. Ensure that you're making the maximum allowable contribution on behalf of your employees. For independent contractors and solopreneurs, investment firms have designed custom 401k and IRA plans that meet the needs of individuals. These often have higher contribution limits.
- Withholdings: If quarterly tax payments and salary withholdings still leave a sizable tax burden due on April 17, then you're literally throwing money away in the form of underpayment penalties. Libman suggests increasing withholdings to avoid this outcome. At the same time, you never want to pay in more than you owe.
- Small Business Jobs Act: Signed into law by President Obama, this legislation includes 17 distinct provisions that could help save money for small businesses. A tax accountant can navigate the legalese and determine which ones apply in specific circumstances.
- Affordable Care Act tax credits: In 2014, small business owners can deduct up to 50% of the cost of health care premiums they pay on behalf of workers, making healthcare costs easier to absorb.
- Record Keeping and Due Diligence: Audits are expensive (and scary). For that reason, Libman recommends that business owners and entrepreneurs DO sweat the small stuff. Separating business and personal bank accounts is a good first step. Libman Tax Strategies can help with the more nuanced aspects of recordkeeping and avoiding audits.
All of these tips, and many more besides, fall within the rubric of taking the long view. "Ask yourself how a particular purchase or organizational decision will affect your company this year and next," suggests Libman. "I understand it can be hard for small businesses and startups to think beyond next week. That's where an expert accountant can be so helpful."
Libman Tax Strategies is at the forefront of aggressive, savings-oriented tax strategy for SMBs and entrepreneurs. The firm asks prospective clients to arrange for a consultation today, during which Libman and his team will consider every possible avenue for reducing one's tax burden and therefore reinvesting in one's success.
About Libman Tax Strategies
Adam C. Libman first tested the entrepreneurial waters moonlighting after his day job. Before long, he was on his own, establishing long-term client relationships through a proactive stance on taxation. Libman Tax Strategies envisions tax planning as a year-round endeavor, requiring plenty of collaboration and communication at all phases. Six years later, the company's mission remains the same: making every effort to ensure 100% client satisfaction.
Libman Tax Strategies (http://www.adamlibman.com) serves the community of Arcadia, California, and surrounding areas. The firm empowers clients to realize their dreams via professional, aggressive tax reduction at every stage of business.
Contact:
Adam C. Libman, CRTP
(626) 280-6865
Email