Business Owners Can Save 15 to 30 percent On
Their Taxes by Utilizing Tax Strategy, Says CA Law Firm, Brotman
Law
SAN DIEGO ,
July 31,
2024 /PRNewswire/ -- In an ever-changing tax
landscape, Brotman Law is dedicated to empowering business owners
with strategic tax-saving opportunities that can profoundly impact
their financial health. While many business owners assume that
their annual visit to a CPA constitutes tax strategy, this is
primarily about compliance. True tax strategy delves deeper,
focusing on understanding the intricacies of your financials — the
how and why behind the numbers — to unlock real-world tax savings
and substantial financial benefits.
Maximizing Deductions and Credits
Many people's initial definition of tax strategy revolves around
deductions and credits, which are indeed significant. These tools
can cumulatively reduce your tax burden substantially, but they are
essentially the side dish rather than the main course of tax
strategy. There are numerous tax credits available that many
businesses aren't aware of, and while not all may apply to every
business, strategic use of applicable credits can lead to
substantial cost reductions. Below are some key opportunities to
consider:
- Research and Development (R&D) Tax Credit: Designed
to encourage innovation, this credit allows businesses to offset
costs related to research and development activities.
- Section 179 Deduction: Enables businesses to deduct the
full purchase price of qualifying equipment and software purchased
or financed during the tax year.
- Bonus Depreciation: Allows businesses to depreciate a
large percentage of the cost of eligible assets in the year they
are placed in service.
Strategic Tax Planning
Real tax strategy goes beyond credits and deductions, and it
does not need to be complicated or expensive. There are five key
areas to focus on when devising a tax strategy, such as ensuring
income is taxed correctly and in the appropriate state, income and
expenses within the enterprise are being optimized, the transfer of
income from the enterprise to the individual is optimized and
maximizing any credits or deductions available to the business.
Some factors we consider immediately, and ones that could make a
significant impact on your tax bill include:
- Entity Selection: Choosing the right business structure
(e.g., LLC, S-Corp, C-Corp) can have significant tax
implications.
- Income Deferral and Expense Acceleration: Timing income
and expenses to optimize tax brackets and deductions.
- Retirement Plan Contributions: Setting up and
contributing to retirement plans (e.g., 401(k), SEP IRA) to reduce
taxable income.
Professional Opinion
"Tax planning is not just about minimizing tax liability; it's
about strategically positioning your business for long-term
success," says Sam Brotman, managing
attorney at Brotman Law. "Our firm is dedicated to providing
business owners with the tools and knowledge they need to make
informed tax decisions and achieve financial stability." Brotman
Law is a national tax law firm headquartered in San Diego, California. With over a decade of
experience, the firm has helped thousands of businesses and
individuals navigate the intricacies of tax law, generating tax
savings averaging between 15to 30percent for their clients. Brotman
Law is known for their compassionate approach, deep expertise, and
commitment to achieving the best possible outcomes for clients. For
more information or to book a consultation, visit
www.sambrotman.com or call (619) 378-3138.
Contact:
Aliyah Yates
Marketing Manager
Brotman Law
(619) 378-3138
ayates@sambrotman.com
About Brotman Law
Brotman Law is an established team of law professionals that
have been helping clients and their businesses navigate the
intricacies of tax law for over 10 years. The firm works with
business owners of companies between $5
million and $100 million in
revenue and other successful individuals to create and implement
tax strategies designed to drastically reduce or eliminate taxes.
On average, Brotman Law generates tax savings averaging between 15
to 30 percent for their clients. The firm is dedicated to providing
every client with exceptional legal services accompanied by a
compassionate approach that is unheard of in the industry. Beyond
just successes with the IRS and tax agencies, the Brotman Law team
is singularly united by genuine empathy for all clients, a strong
desire to help, and never-say-quit tenacity that propels the firm
to the best possible results on their clients' behalf. For more
information or to book a consultation with the Brotman Law team,
visit SamBrotman.com or call (619) 378-3138.
View original
content:https://www.prnewswire.com/news-releases/tax-saving-opportunities-for-business-owners-brotman-law-offers-expert-guidance-302210651.html
SOURCE Brotman Law