Our expert team has helped hundreds of business owners develop a strategy to exit their business as save well over 50% in capital gains and ordinary income tax. We flip the page and show you how to keep more of your hard earned money and give more to worthy causes that you ever dreamed possible.
Tax planning refers to arranging your business in a way that results in maximum cost savings. By implementing effective tax strategies, you will be able to bring more to the bottom line and invest for the future. Over the years, as an owner of Bridge Business Consultants, I have been amazed at how many business owners think that tax planning means getting the papers ready for filing tax returns.
In reality, there is far more to it than just completing your tax return. Effective tax planning means developing strategies to take advantage of beneficial provisions of the tax law. The aim is to ensure maximum tax credits and deductions by making use of all applicable tax breaks provided by the Internal Revenue Code.
The benefits of tax planning are important for both small and large businesses. With effective tax planning, the savings can be in the thousands, and sometimes millions, of dollars. By reviewing your financial position, you will be able to find opportunities that can help reduce your tax liability.
Timing is everything when it comes to tax planning. The earlier you devise an effective plan, the more you can bring to the bottom line. Being up-to-date with tax laws is important; but even more important is to create strategies that can help you maximize tax savings available under current tax law.
I grew up watching my grandfather go door-to-door selling his patented cleaning solution. This product could clean anything- floors, cabinets, carpet, or your car. It could even remove stains from your clothes. The cleaner was also environmentally friendly long before it was a buzzword. To prove it wasn’t harmful, my grandfather would actually clean his teeth with it. He worked 24/7 his entire life making and selling his cleaning solution.
Then the unexpected happened, and he was hit and killed by a car while crossing the street. It was devastating to the entire family, which then led to squabbling over who should take over his business.
You see, my grandfather failed to implement a succession plan for his business in the event of his demise. The children continued arguing over who would run the business, even though none of them had ever worked for the company before. In short order, the business lost its best commercial accounts to competitors and went under.
The family was able to sell the patent for only a pittance of what the company was actually worth just the year before. This whole turnaround of events gave me a string of valuable lessons, including a deeper insight into the following:
The invaluable lessons that I learned from my grandfather encouraged me to start Bridge Business Consultants—a consulting firm that helps business owners run their businesses in the most tax-efficient and profitable manner, possible.
Whether it’s about succession, taxation, or meeting regular business targets planning is extremely important. I advise businesses on how to achieve sustained growth through strategic planning and maximize the value of their companies in this ever-increasing competitive landscape.
Business owners should constantly monitor their financial position and tax liability. In this book, I discuss the importance of tax planning, along with sharing various strategies to manage a business in a way that brings more to the bottom line.