Taxes eat away your bottom line. Real tax savings come from well-planned transactions.

Below are 5 things to consider:

1.Take advantage of all available business tax deductions?

Business tax deduction will lower taxable income which in turn will lower the amount of tax you owe to the government. There is a lengthy list of deductions businesses are entitled to. Proper bookkeeping is pertinent to allow you to keep track of all such deductions.

2.Have you considered all tax credits you may be eligible for?

Tax credits are applied against taxes owned. There are numerous tax credits available for personal tax return and business tax returns. Discuss with our CPA to find out about your eligibility.

3.For Business owners determine correct tax structure for you

It is no easy task to determine your tax structure without thorough short term vision and a long-term vision for your business. Each tax structure has its own benefit and drawback. It is a detailed process that requires you to make key decisions.

4.Consider deferring or accelerating certain income and expenses

By deferring income to a later year, you may be able to minimize your current tax liability and invest the money that you’d otherwise use to pay income taxes. And when you eventually report income it is possible that you’ll be in a lower income tax bracket. Conversely, accelerating deductions refer to the strategy of claiming expenses earlier. The idea is to incur deductible expenses in the current year than in the subsequent one. Discuss with our CPA today to determine what is best for you.

5.Are you maximizing your tax saving strategies?

The process does not have to be stressful if you plan ahead. Now is a good time as any to get ready.

Meg Y. Bhatt, CPA

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