As most people know, 2018 had tremendous tax changes. Since January, our team has been conducting detailed analysis and discussing strategies, as to how business owners can best deal with the changes. For the Small Business Owner, the tax law has been changed in an attempt to provide the same tax rate as corporations.
However, great care and attention to detail must be exercised to maximize these benefits. Too much or too little salary, over expensing of equipment purchases, and implementation of retirement plans must all be reviewed to ensure that tax benefits are optimized. Important questions must be asked, such as:
- Should you incur those capital gains this year?
- How will capital gains affect the overall tax rate?
- How does your spouse’s income affecting this computation?
Some business owners may have heard that the recent changed simplified tax returns and planning. Our team believes many of these changes actually make it more complex.
We welcome a discussion relating to your specific business situation. Please contact Tony Marini or Rob Lynch for questions or assistance.
Rob Lynch 781-871-5850
Tony Marini 508-650-0018