Tax Strategies for Businesses

tax strategies

Everyone wants to save money on taxes, and a lot of accountants have flashy advertising to promise they will save you money. A savvy entrepreneur ought to wonder whether those accountants spend too much time promoting that idea and not enough time doing ‘the savings’ part! Here at Baum CPA, we have no gimmicky sales pitch that promises to save you tax dollars. None.

But we can assure you that there will be tax savings – it just won’t be so explicitly advertised and packaged for your unconditional approval.

Instead, finding tax savings is just one of three elements of our holistic approach to saving you money. First, we focus on strategies that grow your top line revenue. Next, we identify and record every tax deduction you're entitled to. Lastly, we look for opportunities to trim expenses through considering process innovation, technological or operational obsolescence, and observations in areas that could use improvement. While we might save you tax dollars, that’s only 1/3rd of the equation.

Growing Company Revenue

We brainstorm with our clients to answer the question of how they can grow revenue. It doesn’t matter if you’re running a franchise retail corporation, selling trinkets on the internet, or manufacturing widgets. Based on your industry and the facts and circumstances we see in the numbers – we propose realistic solutions and viable strategies for growing profits. There are no guarantees in life – especially in business, but we want to give you insights that will help you boost sales, improve your margins, and help you succeed no matter the type of business you operate.

Tax Deductions

The Internal Revenue Code presents a maze of rules and regulations that can leave any taxpayer feeling exposed and depleted. But finding allowable tax deductions takes work – just like a gym membership! You can’t just stare at yourself in the mirror and wish for mileage deductions, home offices, and other tax breaks to materialize. We will show you how to track and record your expenses so that allowable tax breaks can be captured and save you some money. We will offer you some tax deduction strategies that fit your specific needs – but it’s still up to you to flex that entrepreneurial muscle and follow through with our guidance if you want the full savings benefit.

Expense Trimming

Once our clients have begun operations, we use their recent and historical financial data to look for expense outliers in the numbers and cost irregularities. Huh? Sometimes business owners are simply handling their expenses incorrectly and that costs them profit! They might be buying inputs at retail, not leveraging vendor financing discounts, or failing to make prepayments that save the firm money. The result doesn’t benefit the owner (or their bank account)!

What we do has no secret formula. Instead, we go line-by-line, looking for ways to add just a few percentage points back into the companies coffers by pursuing alternatives for each type of transaction they have on their books.

Maybe they are paying too much interest and could benefit from a refinance? Perhaps they should evaluate their vendor arrangements for cheaper ingredients? Maybe they are getting ripped off by their current merchant services? There are an infinite number of situations and opportunities for growth – and no two businesses are ever alike. We simply walk with you – line-by-line – identifying where your company can be saving money.

How We Save You Taxes

Remember that we said we don’t have a gimmicky sales pitch to promise you tax savings? We still don’t. All we can offer is good advice and help with the hard work that goes into growing profit, trimming expenses, and showing you where the IRS offers a tax break. The combination of these three activities empowers your business to be profitable, lean, and pay only what it owes in taxes.

Tax Services for Businesses:

IRS Tax Problem Resolution