Running a small business comes with many inherent risks. Understanding these risks means that you have to be well aware of your finances and how taxes can affect your bottom line. Roy Y. Gagaza, the CEO and Founder at Journey Wealth Management, LLC, knows the importance of tax planning. His expertise has helped others get ahead of their business expenses and proactively manage their finances to help further their business success. He wants to help all businesses with tax planning, but first you must understand why it is important.
With careful planning, you can limit the tax liability your business has to pay. You can offset your taxable income amount by possibly making donations to a non-profit of your choice or perhaps even creating a charity of your own. Roy Y. Gagaza also suggests you possibly give more to your employees. Doing so can limit your business tax amount, as long as it is done throughout the tax year. Planning helps you to understand when and where you can limit your tax liability.
When you plan ahead of time for your business’s taxes, you can maximize the number of deductions or tax credits you can qualify for. Roy Gagaza states that you can learn more about the deductions and credits you may be eligible to receive, and then you can do what you need to do in order to qualify for those items. Look into what incentives you qualify for and what needs to be done to be eligible for them to help you maximize the deductions and credits you qualify for.
Roy Y. Gagaza always encourages you to keep your books up-to-date and pre-plan for your taxes. Failing to pay your taxes will result in substantial financial burdens in the future. This may include fines or interest. Proper tax planning helps you decide how much to pay each quarter. Quarterly tax planning’s most significant benefit is that you are proactive, and you avoid having a large amount of debt that you are struggling to come up with when your taxes are due.
Roy Y. Gagaza has many years of expertise and wants to encourage you to learn the ins and outs of running your business. He stresses that you must make tax planning a high priority to reach new levels of success in your industry. The number of tax burdens and fines that come with not being prepared when taxes are due can be detrimental to the point that your business can go under. Additionally, the tax breaks and incentives are tremendous and worth the time exploring those options.
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