How can I decrease taxes for my small business?

Taxes can be an increasing burden for many small business owners in Manhattan. However, there are a few methods you can utilize to mitigate growing tax amounts. With a bit of planning and the right information, you can work to keep your business’s taxes in check from one year to the next.

Inc. provides a number of useful tips capable of decreasing the amount of taxes your business owes. Smart planning of business expenses is just one method that will allow you to reduce your overall tax bill. One example of this is for employee reimbursements related to use of personal vehicles for work duties. Creation of a so-called “accountable plan” will allow you to reimburse your workers appropriately without these reimbursements being categorized as a type of income, which in turn lessens associated payroll tax totals.

Structuring can also help you save on taxes. Changing from an LLC to a corporation can result in a rate deduction as the amount of profits your business earns increases. These rate reductions usually come into play after your company surpasses the initial $50,000. Setting up a plan dedicated to retirement savings is another good option, which will enable you to make specific deductions or even defer taxes owed until your retirement officially begins.

While you may offer things like raises to keep employees happy, providing your workers other types of benefits instead can help you lessen your tax burden. Offering assistance for health care funding is one method that can reduce both your business’s taxes as well as an employee’s tax costs. That way you can express your appreciation for a job well-done without incurring additional expenses. 

No Comments

Leave a comment
Comment Information

Hear From Our Clients

Mr. Skolnik and Mr. Gaboury have represented me on multiple cases over the past two years. They are dependable, knowledgeable, and professional. They provided high quality legal guidance for my small business during a difficult time and brought me a peace of mind. I highly recommend Cox Padmore Skolnik & Shakarchy as your legal business representative. -Anonymous

Read More Reviews

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Tap To Request An Exploratory Consultation

New York Office
630 Third Avenue
19th Floor
New York, NY 10017

Phone: 646-355-1648
New York Office Map

Great Neck Office
98 Cutter Mill Road
Suite 310N
Great Neck, NY 11021

Phone: 646-355-1648
Great Neck Office Map

Hackensack Office
27 Warren Street
Suite 304
Hackensack, NJ 07601

Phone: 646-355-1648
Hackensack Office Map

Denver Office
1060 Humboldt Street
Denver, CO 80218

Phone: 646-355-1648
Denver Office Map