In light of the festivities last week surrounding the 4th of July, I asked you a simple question:
Are you achieving the independence you want in your Long Island and Stamford business?
But there’s another side to this question that you should consider, and it is this:
Have you considered paying yourself more out of your business?
In some cases, it actually might make more sense to pay yourself less — but bring home more at the same time. It all comes down to having the right plan in place.
If you’re not clear on how you could accomplish that, then reading this note right now could be very important.
We spoke last week about the entity question, but that’s just one aspect of a proper plan for growing the tax-profitability of your business.
When I meet with a current Long Island and Stamford business owner, I often wear many hats — CFO, Marketing Advisor, COO, etc. — truly whatever fits the need of our client most precisely. Because business owners can make rash decisions in times of perceived crisis (like during “tax season”) — and they often have unforeseen complications down the road.
Which is why it’s critical that we take a look at how things are set up for you and your business for the rest of 2018. Here in the middle of summer (and BEFORE the fall rush) is the perfect time to take a clear-eyed look at things, and plan for the best outcome for your business, come January.
The new tax code legislation has opened up new opportunities for businesses to save on their bottom line, as it relates to tax, and other aspects of your financial picture.
Frankly, we’d like to avoid all of the unnecessary expenses and taxes which so many businesses end up paying, simply because they didn’t plan ahead of time. Saving on expenses is another powerful method for paying yourself MORE … which, as I mentioned, could be just what you need this year.
Or, it could mean that we want you to pay yourself less.
But we won’t know, until we talk.
Let’s get ahead of the process for you.
Michael J. Kessler, CPA