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STRATEGIC TAX PLANNING SERVICES

Small Business Formation and Tax Minimization Consulting

When you start a new business, it’s vital to make the proper government filings to protect the owners and employees of your future organization. Forming your new business is an important decision that must address state and local regulations. The goal is to operate legally and to shield new or current investments from potential risk.

Massey and Company CPA, with offices in Atlanta and Chicago, provides tax consulting and new business formation services that can help your new business grow in a tax efficient manner. You’ll benefit from increased credibility and the peace of mind that comes from protecting your personal assets from day one.

Speak with our CPAs, Enrolled Agents and tax consultants to determine which entity type is best for you.

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Benefits of Small Business Formation Services

State, local and national-level regulations apply to your new small business. It is often necessary to register within the city or county in which your business operates if you plan to provide services or conduct business in that location.

You may also want to complete a “Doing Business As” or DBA filing with the correct county. The DBA filing should state the assumed name of your business and its physical address.

You may also need to register for sales tax.

The CPAs, Enrolled Agents and tax consultants at Massey and Company CPA can assist you with these important government filings.

Business Tax Strategies and Tax Solutions

A well-planned tax strategy can help your business minimize its tax liability and maximize its profits. Here are some key business tax strategies to consider:

Income tax planning is essential for reducing your tax bill. A tax advisor can help you develop a strategy that takes advantage of all available deductions and credits, ensuring you pay the least amount of tax possible.

Expense management is another crucial aspect of tax planning. Keeping track of business expenses can help you reduce your taxable income. A tax advisor can help you develop an effective expense management system, ensuring you capture all eligible deductions.

Tax credits and deductions can significantly reduce your tax liability. There are many credits and deductions available to businesses, and a tax advisor can help you identify the ones that apply to your business. By taking full advantage of these opportunities, you can lower your tax bill and increase your bottom line.

Benefits of filing your DBA include:

Branding: use your new business name with new clients or vendors.

Versatility: you are able to form several new businesses and brands registered to the same owner.

Credibility: customers can verify that you are a legitimate business through state and local authorities’ records.

LLC Business Formations

Massey and Company CPA assists entrepreneurs with the formation of Limited Liability Companies (LLCs). Forming an LLC offers limited liability to business owners, with minimal cost and paperwork.

Additionally, forming an LLC can provide opportunities to invest in retirement accounts, which can help lower your taxable income and secure your financial future.

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Benefits of forming an LLC include:

Asset Protection — LLC owners enjoy limited liability and are protected against lawsuits and creditors of the business. This protection shields the personal assets of the business owners (such as homes, bank accounts and stocks) from the financial obligations of the business. One of the most important steps to ensure that LLC owners receive these protections is to avoid the comingling of business and personal funds. In other words, do not use the bank account of the LLC to pay the personal expenses of the owner.

Perpetual Succession — An LLC continues operating after the death of the owner. This benefit is an important attribute to both vendors and key stakeholders.

Tax Savings — An LLC avoids double taxation, because the tax on LLC income is not paid at the business level. The way that this tax benefit works is by including the business income or loss of the LLC directly on the taxes of the business owner. This allows the owners of the business to deduct or write off business expenses on their tax returns. As an added benefit, tax preparation for an LLC is relatively inexpensive, compared to other types of entities.

S Corporation Formation and Entity Choice

The S corporation is one of the most popular type of entities for small businesses. S corporations offer limited liability, like an LLC, plus significant payroll tax savings. These tax savings often amount to thousands of dollars per year.

Effective planning and organization during tax time can greatly reduce stress and enhance financial efficiency for S corporations.

S corporations are a popular and tax effective tool of our strategic tax planning services team.

Massey and Company CPA is ready to help business owners analyze the benefits and tax considerations of each type of business entity. We run the numbers for you to determine which entity choice is best. And we also handle the paperwork to be filed with the government, so you don’t have to.

Ask to talk with one of our CPAs, Enrolled Agents or tax consultants to determine if an S corporation is best for you.

Strategies to Minimize Taxes and Maximize What You Keep in Your Pocket

Massey and Company CPA helps clarify the tax considerations to businesses and business owners of filing as a sole proprietorship, LLC, S corporation or C corporation.

New business formations are a key component of our strategic tax planning and tax consulting services.

Your personal and business financial success is our goal, and we have years of experience helping business owners decide about entity choice. To learn more about our strategic tax planning, tax consulting and new business formation services, contact us at Massey and Company CPA, with offices in Atlanta and Chicago.

Business Formation Process

When forming a business, it’s essential to consider the tax implications of your business structure. A tax advisor can help you navigate the process and ensure you’re making the most tax-efficient decisions. Here are some key considerations:

Choosing the right business entity is crucial. Whether you opt for a sole proprietorship, partnership, LLC, or corporation, each structure has its own tax implications. A tax advisor can guide you in selecting the best entity for your business, ensuring you benefit from the most favorable tax treatment.

Obtaining necessary licenses and permits is another critical step. Depending on your business type and location, you may need various licenses and permits. A tax advisor can help you understand the tax implications of these requirements and ensure you remain compliant with all regulations.

Registering for taxes with the state and federal government is a must. A tax advisor can assist you in understanding the tax laws and regulations that apply to your business, helping you avoid potential pitfalls and ensuring you’re fully compliant from the start.

Multi-State Tax Consulting

If your business operates in multiple states, you’ll need to navigate complex tax laws and regulations. A tax advisor can help you:

Understand the tax laws and regulations of each state in which you operate. Each state has its own set of rules, and a tax advisor can help you stay compliant with all of them.

Develop a tax strategy that minimizes your tax liability across multiple states. By understanding the nuances of each state’s tax laws, a tax advisor can help you create a strategy that reduces your overall tax burden.

Ensure compliance with state and federal tax laws. A tax advisor can help you stay on top of all filing requirements and deadlines, ensuring you avoid costly penalties and interest.

Business Compliance and Regulatory Support

Staying compliant with tax laws and regulations is crucial for businesses. A tax advisor can help you:

Understand the tax laws and regulations that apply to your business. With ever-changing tax laws, it’s essential to stay informed. A tax advisor can help you navigate these changes and ensure you remain compliant.

Develop a compliance plan to ensure you’re meeting all tax requirements. A tax advisor can help you create a plan that addresses all aspects of tax compliance, from filing deadlines to record-keeping requirements.

Provide support during audits and examinations. If your business is audited, a tax advisor can provide invaluable support, helping you navigate the process and ensuring you’re well-prepared.

REACH OUT TO US FOR NEW BUSINESS FORMATIONS AND STRATEGIC TAX CONSULTING AND PLANNING

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