In the world of online tax advice, it's easy to get lost in a sea of generic tips and "hacks".
But at Aime & Co., we believe in providing tailored, expert strategies that deliver real results.
Here are five powerful tax reduction strategies we use to help Newark small businesses like yours keep more of their hard-earned money.
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If you're currently operating as a sole proprietor or partnership, consider the significant tax benefits of converting to an S-Corporation.
An S-Corp allows you to split your income into two categories: a reasonable salary subject to self-employment taxes, and dividends that are not.
By strategically structuring your salary, you can potentially save thousands of dollars each year on Social Security and Medicare taxes.
We understand that the decision to convert to an S-Corp requires careful consideration of various factors, such as the Qualified Business Income (QBI) deduction, Social Security limits, and your overall business objectives.
Our team will guide you through the process, analyze your specific situation, and ensure the S-Corp structure is the right fit for your business.
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Retirement plans offer more than just a nest egg for the future; they're also a powerful tool for reducing your current tax burden.
Contributions to plans such as Solo 401(k)s, SEP IRAs, and SIMPLE IRAs are often tax-deductible, allowing you to shelter a significant portion of your income from taxes.
We'll help you navigate the complexities of different retirement plans, ensuring you choose the one that aligns with your financial goals and maximizes your tax savings.
Whether you're looking to contribute as both an employer and employee or simply want to leverage the tax benefits of employer contributions, we'll create a plan that works for you.
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For family-owned businesses, hiring your children can be a smart financial move.
When done correctly and within legal guidelines, it allows you to shift income from your higher tax bracket to your child's lower tax bracket, resulting in significant tax savings for the family.
Plus, it provides your children with valuable work experience and financial literacy.
Our team will ensure that your child's employment is structured correctly, adhering to all IRS regulations, so you can reap the tax benefits without any concerns.
Real estate investment offers a multitude of tax benefits that can significantly impact your bottom line.
From depreciation deductions and cost segregation studies to the potential for passive income that's not subject to self-employment tax, real estate can be a strategic tool for tax reduction and long-term wealth building.
We'll guide you through the tax implications of real estate ownership, helping you structure your investments in the most tax-efficient manner.
Whether you're looking to purchase rental properties, invest in commercial real estate, or leverage cost segregation for existing properties, we'll ensure you're maximizing your tax advantages.
Investing in new equipment and vehicles is crucial for many businesses, but it can also offer substantial tax benefits.
Section 179 deductions, bonus depreciation, and other tax incentives can significantly reduce your tax liability when you make these purchases.
We'll work with you to identify tax-deductible equipment and vehicles and strategically time your purchases to maximize your savings.
We'll also help you understand the depreciation rules and ensure you're taking full advantage of all available deductions.
Don't leave money on the table!
Book a FREE Tax Reduction Analysis today, and let our expert team at Aime & Co. uncover the hidden tax-saving opportunities in your business.
We're committed to being your trusted partner in financial success, providing personalized guidance and proactive strategies to help your business thrive.
