Tax Planning for Businesses

Professional Tax Planning in Newburyport & Across the Globe

coworkers working on tax planThe IRS requires all business owners and employees to pay taxes on their earnings. However, managing your tax obligations can be challenging and time-consuming, which is why you need reliable CPAs to simplify the process. At Jeffrey C. Kirpas & Co., P.C., we offer personalized tax planning services to set up your business for success.

Our accounting professionals will monitor your financial statements and help you achieve tax efficiency, whether you run a million-dollar firm or a local business. We maintain that your success is our success, which is why we look beyond the numbers to support your financial goals and ambitions. For expert tax planning in Newburyport, call us to schedule a consultation today!

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Why Tax Planning Is Important

business team reviewing tax planTax planning involves finding ways to reduce your tax liability through deductions, allowances, exemptions, and exclusions. Our Newburyport CPA tax planners will help you make the best use of regulations to minimize your tax burden.

Every year, many Americans send more to the IRS than they need to. This common mistake is why tax planning is an essential aspect of any financial plan. It can help you save money that you can use to grow your business. Our professional accountants will help you identify the tax laws that affect you and develop strategies throughout the year. We will diligently monitor your financial statements and provide guidance that supports your short and long-term financial goals.

Tax Planning Strategies for Businesses

Our expert CPAs are always available for any tax questions you have. If you own a business, we can help reduce the amount of taxable income you have and give you more control of when you pay taxes. A comprehensive tax planning strategy will also help you keep up with changing laws to reduce legal issues. To make the best use of tax strategies, you need to start planning early. We will help you stay organized by making plans for next year at the end of this year.

Some of the tax strategies to consider include:

  • Funding a retirement plan for yourself and your employees
  • Buying machinery, vehicles, and business equipment for depreciation deductions
  • Restructuring your business entity
  • Finding deductions on self-employed health insurance
  • Employing a family member
  • Deducting travel expenses
  • Identifying deductions for a home office

At Jeffrey C. Kirpas & Co., P.C., we understand that determining your tax obligations can be challenging. For businesses operating in multiple states, you will need to satisfy several state tax requirements. Our knowledge of state and federal income tax rules will help you keep tabs on all your obligations.

Business Startup Tax Planning - What You Need to Know

woman business owner standing in front of open signEvery penny counts when you are getting a new business started. Paying more taxes than you owe will make operations even more expensive and reduce the chances of your company's survival. At Jeffrey C. Kirpas & Co., P.C., we enjoy helping startups with professional business tax planning in Newburyport.

There are so many startup costs to keep up with as an entrepreneur. From rent, licenses and permits, employee hiring, insurance, and technological expenses to advertising. The IRS categorizes such expenses as either startup or organizational costs. The startup costs that are eligible for tax deductions are further grouped into the three categories below:

Starting a Business: Market and product research costs to evaluate the feasibility of creating a specific business are liable for exemptions. Also included in this category is the money you spend on site selection, advertising the launch of your business, customer surveys, and competitor analysis.

Launching the Business: This category includes the expenses incurred when getting your business up and running. Such costs include hiring and training employees, professional and consultant fees, and securing suppliers. The costs of buying equipment are not included in this category as they are depreciated under the usual business deduction regulations.

Organization Costs: These are the expenses incurred during a partnership, company, or LLC formation. Examples of organization costs are partnership filing fees, accounting fees, charges for running organizational meetings, state and legal fees, and incorporation fees.

Startup costs that don't qualify for tax deductions include real estate taxes, experimental fees, expenses of issuing and selling stocks, and depreciation costs. We can help you reduce your tax liability by ensuring your eligible deductions are identified and classified correctly.

Expert Business Tax Planning by a Team You Can Trust

At Jeffrey C. Kirpas & Co., P.C., we take a customized approach to tax planning and accounting. Our objective is to support you in aligning your business and personal financial goals, which is why we take the time to get to know you. For more information on how our Newburyport business tax planning services can help you, call us today!

Call Us: (978) 462-7250 Book a Consultation

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