One of the most overlooked, or taken for granted, tax planning strategies is owning and operating a small business. The Internal Revenue Code and related treasury regulations provide a number of favorable opportunities inside the operation of a small business to minimize one’s tax liability. At our affiliate company, Pinnacle Tax Planning Services, Inc. located in Nashville, TN and California, they review the opportunities and, through their software systems, develop a comprehensive plan of various tax planning strategies to apply to the client’s situation, where suitable, and assist their clients with the implementation of the plan.
Keep in mind that starting a small business takes very few steps. We are not talking about forming an LLC (although, in certain circumstances it may be advisable) or a corporation. We are talking about the formation of a sole-proprietorship. A prospective business operator needs only to come up with a business idea, get a business license where required and, as we recommend, open a bank account and obtain a federal identification number. These last two steps take just minutes. There are a few other economic and business purpose requirements and we discuss these with our clients during the interview process.
So many of you readers have thought about starting a new business. What if we could show you that the initial start up costs and certain tax planning strategies can generate enough tax benefit to nearly fully supplement the cost of the start up of the business, would you reconsider the business start-up that you have put off for cost reasons? If so, all the more reason to pay us a visit. After all, all you have to lose is an hour or so of your time.
If you are an individual tired of paying burdensome income taxes and are looking for tax planning strategies that are legal and backed up by full documentation and with quantified projected results and a full satisfactions guaranty, please visit the website of Pinnacle Tax Planning Services, Inc. www.pinnacletaxplanning.com.