Corporate Tax Planning
When a company decides to undertake corporate tax planning, it is absolutely essential for it to work closely with a professional and experienced business accountant.
A professional corporate accountant should go the extra mile to understand your business and personal financial situations before using his experience, foresight, strategic thinking, business acumen and judgement to help minimize your personal tax bill at year end.
There are numerous business-related deductions your company could utilize including research and development credits. Also, should a company declare a dividend or a bonus to the owners, you will need an accountant that knows all the ins and outs of of tax planning and could quantify the tax consequences for all different scenarios.
For example, company shareholders need to repay any loans taken out from the previous year or there could be heavy tax consequences. Also, charitable donations are one way to save on corporate taxes and help out in the community. Finally, should a company purchase capital assets before the year end, it might be able to depreciate that asset for a half year.
There are many more corporate tax planning strategies that can help your business save on taxes.