Let's be honest, taxes aren't exactly the most exciting part of running a business in Seattle.
It's easy to get lost in the maze of rules, regulations, and deductions.
But here's the thing: understanding your tax situation and taking advantage of smart strategies can make a huge difference in your bottom line.
At Duskin CPA, we're all about helping you keep more of your hard-earned money.
No confusing jargon or complicated spreadsheets here.
We'll break it down in plain English and show you how to make the tax code work for you, not against you.
If you're currently a sole proprietor or in a partnership, you're probably paying a hefty 15.3% in self-employment taxes.
Ouch! But there's a way to potentially cut that down significantly.
Converting to an S-Corporation (S-Corp) lets you split your income into two parts: a reasonable salary (subject to those pesky self-employment taxes) and distributions (which aren't).
It's like having your cake and eating it too – legally!
Now, we know this sounds a bit complicated, but don't worry.
We'll guide you through the whole process, figure out the best salary structure for your situation, and make sure you're maximizing your savings without any IRS trouble.
Think retirement plans are just about saving for the future?
Think again!
They're also a fantastic way to reduce your taxes right now.
Contributions to plans like Solo 401(k)s or SEP IRAs can be tax-deductible.
That means you can put away money for your golden years and lower your tax bill today.
It's a win-win!
We'll help you choose the right plan for your business and make sure you're getting the most out of it.
Got kids who are eager to earn some extra cash?
Put them to work in your business!
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Not only will they gain valuable experience, but you might also be able to deduct their wages as a business expense.
This can lower your taxable income and put some of that money back in your family's pocket.
We'll make sure everything is set up correctly and legally, so you can enjoy the benefits without any worries.
Need new tools or equipment for your business?
Did you know that you can often deduct the entire cost of these purchases in the year you buy them?
That's a huge tax break!
We'll help you identify which purchases qualify and strategically time them to maximize your savings.
It's like getting a discount on the things you need to grow your business.
If you're doing business in Seattle, you're probably familiar with the B&O tax.
It's a local tax on your gross receipts, and it can be tricky to navigate.
We'll make sure you understand your B&O tax obligations, file accurately, and identify any potential deductions or credits you might be missing.
Don't let another tax season catch you off guard.
Book a FREE Tax Reduction Analysis today and let our expert team at Duskin CPA uncover hidden tax-saving opportunities for your Seattle business.
We're committed to being your trusted financial partner, providing personalized guidance and proactive strategies to help your business thrive.
