Tax planning for business owners means making tax decisions throughout the year, not just in April. We help you estimate what you'll owe, choose the right business structure, pay yourself tax-efficiently, and find opportunities to lower your tax bill before the year ends.
Who This Is For
-
Owners who get surprised by their tax bill every year
-
Owners unsure whether an S corp makes sense
-
S corp owners unsure how to split salary and distributions
-
Owners who want someone planning their taxes ahead of time, not just filing them
Estimated Taxes
How much should I set aside for taxes?
We project your tax bill and build a savings plan, so the money is there when payments are due.
How do quarterly estimated taxes work?
We calculate your quarterly payments and update them as your income changes during the year.
S Corp Decisions
When should I consider electing S corp status?
An S corp can lower self-employment taxes once your profits are high enough that the savings outweigh the added costs of payroll and a separate tax return. We run the numbers for your situation before you make the switch.
Should I pay myself a salary or distributions from my S corp?
Usually both. The IRS requires S corp owners who work in the business to take a reasonable salary, and remaining profits can generally be taken as distributions. We help you find the right split for your role and cash flow.
Year End and Long-Term Tax Strategy
Retirement contributions
The right retirement plan can lower your taxes today while building your savings. We coordinate your contributions with your tax plan.
Year-end planning
Before December 31, we review your year and look for opportunities, like timing purchases or contributions, while you still have time to act.
Tax Preparation
Ongoing advisory clients may choose to have their tax returns prepared through our affiliated firm, Off the Bay Tax & Accounting, PLLC, so your tax planning and tax preparation stay connected.
Frequently Asked Questions
What is the difference between tax planning and tax preparation?
Tax preparation reports what already happened. Tax planning happens during the year and shapes what happens, so there are fewer surprises and more opportunities.
Should my LLC be taxed as an S corporation in Florida?
It depends on factors such as your profit, reasonable compensation, payroll costs, and other tax considerations. An eligible LLC can elect S corporation tax treatment, and we can evaluate whether the election may make sense based on your specific numbers.
Does Florida have a state income tax?
Florida does not impose a personal state income tax on individuals. However, Florida C corporations generally are subject to Florida corporate income tax, which is one reason your business structure can matter.