Tax Strategies

1. Retirement Contributions

Making an extra retirement contribution before filing can offset business income. You may not pay taxes on this until retirement.

2. Maximize Deductions

Review all receipts. Look for travel expenses, repairs, and employee gifts that qualify as deductions.

3. Contractor vs. Employee

Hiring independent contractors can help manage expenses and scale operations. Be mindful of classification rules.

4. Depreciation Schedule

Update your depreciation schedule for significant business assets. This strategy can yield substantial savings.

5. Business Structure

Your entity structure impacts taxes. We can review if your current structure is still the best fit for your growth.

6. Tax Credits

Explore credits for accessibility, going green, or charitable donations (up to 65% in Virginia).

FAQs

How to save?

Make extra retirement contributions to reduce taxable income now.

What counts as deductions?

Check receipts for travel, repairs, and gifts that qualify as deductions.

Contractor or employee?

Hiring contractors can save money and add flexibility, but watch classification rules carefully.

Why update depreciation?

Updating schedules can unlock significant tax savings on assets.

Does structure matter?

Your business entity affects taxes; reviewing it can help growth.

When should I review my tax plan?

Review before filing taxes or after major changes to maximize benefits.