Golden Tax Relief has released a new report covering the top 10 strategies for year-end tax planning for businesses.
ELMHURST, IL — (Newsfile Corp. — December 30, 2022 ) — As tax season approaches, Golden Tax Relief has released tax planning strategies to help businesses legally reduce their tax liability. In a new report, the tax-planning firm lists top 10 strategies business owners may not know about but can help them reduce their tax burden for the year.
Golden Tax Relief understands that taxes are the largest expense for any business. Therefore, its team of certified tax planners develops tax reduction strategies that allow businesses to pay the minimum amount of tax allowed by law.
Golden Tax Reduction and Exemption Releases Enterprise Year-end Tax Planning Strategies
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“As 2022 draws to a close and people start to close their books and prepare for the year ahead, Golden Tax Relief offers some tax planning strategies to start the new year with more money,” says the company’s founder, Principal.
The report explains how starting a family-managed LLC, arranging business expenses, and crafting an ADA-compliant business website can help business owners reduce their debt by 2022. A family-managed LLC can offer advantages such as asset protection, pass-through taxes and estate planning, Golden Tax Deduction says. “If you need office equipment or a business vehicle, purchasing before the end of the year may help lower your taxable income for the year,” explains Ben Golden. “Businesses can also file an ADA complaint on their website to receive a $5,000 tax credit and lower tax liability,” he added.
Other strategies recommended by the Golden Tax Relief include marriage and non-marriage, and divorce. Based on factors such as personal income and home ownership, business owners can take advantage of specific tax benefits, tax planning experts explain.
For example, if two high-income earners are planning a wedding, getting married before the end of the year can reduce their tax liability because married couples are taxed at a lower rate than single people. On the other hand, “If you both own a home, it may be beneficial to wait until New Years. If couples marry on or before December 31 of the year, the IRS considers them married all year. If both parties own their own house, waiting until the New Year to get married could increase their mortgage interest deduction,” Ben said.
Combined, these legal tax-cutting strategies can be part of a larger tax plan designed to provide greater flexibility, save money year after year, and foster sustainable growth.
About Golden Tax Relief
Founded by Ben Golden, this tax consulting firm specializes in tax reduction strategies for businesses, individuals and families. It provides customized and detailed tax planning to minimize liability based on legal obligations and responsibilities.
Interested parties can learn more about the Golden Tax Relief at https://www.goldentaxrelief.com
Name: Jacinta Redonne
Organization: Golden Tax Relief
Address: 100 South York Street Suite 214, Elmhurst, Illinois 60126, United States
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