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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
November/December 2023
Tax Planning: A Must for Your Business
How much do you understand about your business’s tax situation? Simply filing taxes each year without first engaging in strategic tax planning could mean your business overpays its taxes. Your tax, financial and legal professionals can provide guidance with the big picture in mind.
Why Hire a Tax Consultant?
While your accountant may have the expertise needed to file your taxes, he or she may have little experience developing a strategic tax plan. A professional tax consultant generally will know current bookkeeping practices and the ever-changing tax laws that affect your business and can help you develop a strategy that maximizes savings and business profitability.When included in the planning process, your financial professional can offer an additional perspective and insight into your specific business situation.
Moves To Consider
Reducing adjusted gross income (AGI) may result in a smaller tax liability. Here are steps you can take to help lower your AGI and manage taxes.- Contribute to a retirement account for yourself and your employees.
- Contribute to a Health Savings Account (HSA) as part of a High Deductible Health Plan (HDHP).
- Invest in business insurance. Premiums are tax deductible.
- Offer employees fringe benefits, such as health, disability, and long-term care insurance; tuition assistance; childcare assistance; transportation benefits, etc.
- Develop a marketing plan. Advertising and marketing costs may be tax deductible.
- Charitable contributions made by your business may be tax deductible.
A Limited Opportunity
The qualified business income deduction (QBI) allows eligible self-employed and small business owners to deduct up to 20% of their qualified business income. A professional tax consultant can help you navigate the complex rules and calculations determining your eligibility. QBI is scheduled to sunset in 2025, unless Congress acts.GE- 5843537.1(7/23)(Exp.7/25)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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