Leading CPA & Business Accountant Thomas McAlister Reveals Essential Strategies To Reduce Small Business Taxes – Lakeside, Denver, CO
Feb 24, 2020
Top CPA Thomas McAlister, founder of Thomas J. McAlister P.C. in Denver, CO, reveals essential strategies to reduce small business taxes. For more information please visit http://thomasjmcalister.com
Denver, CO, United States - February 24, 2020 /MM-REB/ —
In a recent interview, top CPA Thomas McAlister, founder of Thomas J. McAlister P.C. in Denver, CO, revealed a number of key strategies to reduce small business taxes.
For more information please visit http://thomasjmcalister.com
When asked to comment, McAlister said, "Many small business owners are understandably uncertain about where to begin when it comes to minimizing tax liability on their income. Here are some surefire ways to boost savings when tax season rolls around."
One great way to shore up tax savings is through shielding business profits in retirement plans.
"Putting in place a retirement plan such as a 401K for your employees can help you save in the long run. This is a win-win – employees and employers alike can deduct taxes on the contributions they make into these retirement accounts," McAlister said.
Additionally, McAlister said, small business owners who set up employee retirement plans could also qualify for tax credits.
Following from this, there are other ways to shore up funds from business income without paying tax.
When asked to provide an example, McAlister said, "While salary and bonuses will be taxed, you can opt to give fringe benefits to employees such as more money for medical coverage instead of a raise, which will save you from paying income, FICA, and Medicare taxes."
Paying attention to adjusted gross income can help keep money in the pockets of small business owners.
"Several tax breaks and additional taxes are based on adjusted gross income. For instance, if your adjusted gross income is not more than $200,000 as a single taxpayer or $250,000 as a joint filer, then you won't have to pay the 0.9% additional Medicare tax."
Another way to help reduce a business' tax bill is by shifting business structures to take advantage of the tax code.
When asked to elaborate, McAlister commented, "Many owners whose small business is categorized as a sole proprietorship could benefit by changing their company structure to a limited liability company, or a ‘pass-through entity.’”
The 2018 tax code, according to McAlister, allows for the owners of pass-through entities to deduct as much as 20% of their income on their tax returns.
“This new business deduction is subject to a number of regulations. If you think that you could benefit from changing business structures, the best thing to do is to consult with a qualified tax accountant to see what savings are available to you,” he said.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Thomas Mcalister
Email: Send Email
Organization: Thomas J Mcalister P.C.
Address: 4704 N Harlan St #675, Denver, CO 80212, USA
Phone: 303-279-1450
Website: http://thomasjmcalister.com
Source: MM-REB
Release ID: 88947282
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