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As any experienced businessperson knows, taxes play an important role in almost every area of business operations. Taxes can affect your formation (such as the choice between an LLC and a corporation), operations (such as how many employees the company hires), compensation (such as decisions on salaries, bonuses, insurance benefits, retirement), transactions (like vendor contracts or asset purchases), and even capitalization (as in how to fund the business).
If you do not have a strategy in place, doing your own taxes can be time consuming, overwhelming and difficult. Because of these far-reaching consequences, tax planning is important for businesses of any size, age, or industry. It’s important to have a plan in place at the beginning, and thus saving time and money at the start of your business life cycle.
The attorneys at The Burton Law Firm have substantial experience preparing companies for the tax implications of day-to-day, short-term, and long-term business decisions. With their assistance, you will be able to make informed decisions that save your business money, rather than seeing it squandered on unnecessary tax liabilities. The Burton Law Firm’s can help you maximize the profits of your business.
Michael Iwahiro is our head of business and tax services and an expert in business tax planning. Please contact him with any questions or concerns you have about your level of taxation.