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5 Ways to Tell If You're Overpaying in Business Taxes in Florida

Written by:
Jonathan Sena CPA
Published on
June 6, 2023

5 Signs You're Missing Business Tax Reduction Opportunities in Florida

If you own a small business in Florida, or the Orlando area, then we'd love to connect and earn your business.

We specialize in helping small businesses with their taxes, accounting, bookkeeping, payroll and tax reduction planning.

We know exactly how to help any size small business, whether you're making $80,000 as a 1099 contractor, or if you're looking for help with your large logistics business.

Whether you need help starting your business in Florida, filing your Florida Business Tax Returns, or Working to reduce taxes and keep better books, we're the leaders in Florida.

You might be searching for Orlando Business CPA's on places like Clutch, Expertise, or thumbtack, or yelp, but look no further.

Book a consultation, and we'll deep dive your accounting and tax returns, to look for opportunities to reduce taxes, improve efficiencies, and then we'll develop a proposal to do your bookkeeping, tax returns, tax reduction planning and more.

We've built the most convenient and helpful tax and accounting solution for small businesses in Florida, and we'll take great care of you.

Orlando Florida's #1 Small Business CPA

Entrepreneurship is the lifeblood of the local Orlando economy, and we love helping businesses start, scale and grow businesses.

Orlando entrepreneurs, contractors, Realtors and business owners deserve to keep as much of their hard earned money as possible, and that's one of three core focuses we hold.

Our 3 Core Focuses:

  1. Do everything possible to reduce our clients taxes
  2. Save our clients time & serve as a staff alternative
  3. Protect them from the IRS & mitigate risks

How certain are you that you're not overpaying in taxes?

Too many Certified Public Accountants in Florida end up too busy to really dive deep with their business clients, and their business customers end up overpaying in taxes and missing out on massive tax deductions.

What are the biggest ways to save business taxes in Florida?

Tax reduction all starts with pro-active planning.

All the meaningful tax mitigation techniques require a business owner to make investments throughout the year, and theres not much they can do once the year is finished.

You can't do much to reduce Florida Business taxes after the year is finished.

That's why it's critically important that you work with an aggressive, tax reduction planner throughout the year.

5 Signs Your Overpaying Business Taxes in Florida:

1 - You're not engaged throughout the year

We already mentioned that if you're not pro-active about your tax planning, you're probably overpaying in taxes. What taxes will Florida Small Businesses overpay if they're not proactive?

You'll overpay in social security taxes, medicare taxes, and federal income tax.

Not only that, but you're probably missing out on tax saving opportunities like the bonus depreciation, section 179, PPP loans, Work Opportunity Tax Credits, and more.

2 - You're Not Utilizing an S-Corp

One of the biggest tax reduction planning opportunities is to see if converting to an S-Corp is a good idea.

We can help you understand the tax difference between and LLC and S-Corp, but here's what we would have you know.

S-Corps can provide a means to dramatically reduce your social security and medicare taxes, or your "self employment taxes.

You would probably not want to become and S-Corp unless you're making more than about $40,000 in net profits, but an S-Corp can be good for very large, or even smaller businesses.

We won't spend too much time on it here, but we'd want you to know that you might save tens of thousands in self employment taxes with an S-Corp, and it's worth connecting with us to see if you're overpaying in taxes by not converting to an S-Corp.

Converting to an S-Corp Often Saves $2500 - $10.000 a year in Self Employment Taxes.

If you're not setup as an S-Corp, and you're not maximizing your S-Corp, you're probably overpaying in taxes.

3 - You're Not Utilizing Small Business Retirement Plan.

SEP IRA's, Solo 401k's, SIMPLE IRA's and even defined benefit plans can provide business owners with massive tax reduction opportunities

You could write off up to $61,000, and put it directly into a retirement account for you.

That write off would essentially avoid the 15.3% self employment taxes, which means you're making some serious tax savings.

You're definitely missing out if you're a small business owner, and you're not identifying small business retirement plans that might help you save in tax.

4 - You're Not Hiring Your Children

If you have kids, you need to be identifying ways for them to work in your business.

First off, their individual tax brackets are probably much lower than yours, and they enjoy the same standard deduction as anyone else

This means that shifting income from you, to a bonafide employed child, can save taxes

You're probably overpaying if your accountant isn't talking to you about this.

You'll want to know the rules, and identify the difference between Sole Prop and S-Corp, when it comes to hiring your kids.

We'll help you build a master tax plan, and include your children and their career path.

If you're not talking about this, you're probably overpaying in taxes in Florida.

5 - You're Not Planning Purchases & Growth

You'll want new equipment and new people, and if you're not creating funds for these goals, you're probably overpaying in taxes.

Timing on purchases is a huge deal for taxes, and you'll overpay and make dumb decisions if you're not working with an informed, tax reduction planner.

Bonus Depreciation, government programs, and financing, all need to align together in order to maximize your tax reduction planning.

We'll be the quarterback of your tax reduction planning.

Connect with us today, whether you're a contractor, home services company, real estate agent, digital marketing firm or concrete contractor, we'll help you with your business tax returns, accounting and payroll, all while helping you do everything possible to reduce your taxes.

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