Local tax professional shares tax strategies that can save companies money
Photo Credit: Paul Markow
Nov. 12, 2021; Phoenix, AZ – For many the end of the year is a whirlwind of shopping, parties, families and fun. But in all the excitement small business owners can’t lose sight of the calendar and the looming last day to make crucial tax moves that could save money.
According to Mary L. Reha, EA, co-owner of Phoenix’s Arete Financial Solutions, if your business doesn’t have a solid tax plan in place, now is the time to sit with a tax professional to create a roadmap to maximize your tax strategy.
“Whether you’re a solopreneur or own a larger company one of the costliest mistakes you can make is to not have a solid tax plan in place,” explained Reha. “A tax pro can help your company make the smartest tax moves that will directly impact your bottom line.”
Reha, who is one of a select group of Enrolled Agents who can represent individuals against the IRS, is a dynamic interviewee available to speak to your viewers and readers about the importance of business end–of-year tax planning and special considerations for 2021. Reha can give practical information including;
New tax laws that impact small business owners:
- The change in charitable deductions
- The increase in business entertainment deductions
- Employee retention, sick leave and family leave credits available
- Energy efficient building and other energy credits
- Student loan repayments
Smart end-of-the-year moves:
- Running a payroll for owners depending on business structure
- Adding or contributing to an IRA
- Make any significant purchase before the end of the year
Important items to review at year-end
- Review balance sheets, P&L and assets purchased in 2021
- All equity, distributions and loans by owners
- Personal and business taxes to determine if you can further reduce tax liability
- Ensure all employee and contractor paperwork is completed
- Understand the filing date for your business. Business late fees are high.
The American tax system is complex and ever changing. Reha can help your audience get a handle on what they need to do by the end of the year and how changes in the tax law may benefit their business.
To arrange an interview with Reha, please contact Tess at tess@phxpr.com.
Arete Financial Services
Arete Financial Services is a boutique firm centered on providing individuals and businesses complete financial wellness. The Arete professionals offer a wealth of financial services including tax, accounting, financial planning and legal all in one convenient Phoenix location.
