Tax planning and Advisory – Corcoran Business Advisory Services

All CBAS business advisory services include tax planning. Taxes can be the most expensive side of running a business. Make sure all areas, such as payroll, sales, property, mercantile, and other taxes, are systemized and paid timely. While compliance taxes must be addressed, income taxes are where the practice has the biggest influence over what it does or does not pay.

Income taxes and all the issues therein is a fluid topic that can change annually or with each change of administration. State taxes are unique to the state in which the business operates and may or may not follow the federal net income. Collaborating with an advisor or CPA who stays up to date on changing tax laws, actively considers your business’s needs, and conducts periodic check-ins ensures your business stays on track, not only to minimize taxes but also to plan for tax payments and their timing effectively.

While business income taxes are expensive, the first key area is determining if the business is established in the correct tax entity. That choice alone can save significant taxes based upon elections and availability of better tax and retirement savings vehicles. After reviewing the business entity, I address many of the following tax topics with my advisory clients. If we do not discuss them in depth, the business owner can rest assured that I am overseeing tax laws, elections, and opportunities available to the business on the federal and state levels.

Depreciation, Section 179, and bonus – maximizing benefit now and later
Method of accounting – when and how to defer income and accelerate expenses
Year-end inventory – perpetual and year-end count
Retirement plans – benefit for the business and the owners
Health insurance – premium deductions vs. reimbursements
Pre-tax benefit plans
Business vehicles – business vs. personal and recordkeeping
Professional business expenses for CPE, etc., to be paid in or outside of the entity?
Where to own the real estate?
Qualified Business Income Deduction for flow-through entities
Tax credits and other business opportunities
Compliance returns such as 1099s
Estimated taxes and extensions of time to file when necessary
New laws and tax changes
Out-of-pocket partnership expenses
Tax cost and implications of mergers and acquisitions
Other filings outside of taxes and what to expect from your tax advisor