Tax Planning for Business Owners
Coordinating Personal and Business Taxes
Optimize your total tax picture
Many small business owners structure their companies as pass-through entities, meaning business income flows directly onto their personal tax returns. That makes personal and business tax planning inseparable. We look at your full financial picture—from salary and distributions to deductions and investment income—to help minimize taxes at every level and make your overall plan more efficient.
Retirement Plans for Business
Reduce taxes while building retirement savings
Choosing the right retirement plan for your business is one of the most powerful ways to reduce taxable income and invest for your future. We help you evaluate options based on your income, number of employees, and long-term goals.
- SEP IRA: Simple to set up and maintain, SEP IRAs allow business owners to contribute up to 25% of compensation with higher annual limits than personal IRAs.
- Solo 401(k): Ideal for sole proprietors with no employees, Solo 401(k)s offer large contribution limits and the ability to make Roth contributions.
- SIMPLE IRA: A straightforward plan for small businesses with fewer than 100 employees, offering lower administrative requirements and mandatory employer matching.
- Defined Benefit Plans: For high-income owners seeking large tax deductions, defined benefit plans create a pension-style savings structure and require actuarial oversight.
We ensure your chosen retirement plan aligns with both your business structure and your personal retirement timeline.
Deductions and Credits
Identify every opportunity to save on taxes
Smart tax planning means knowing what to deduct—and when. While we don’t prepare tax returns, we work alongside your CPA to suggest strategies aligned with your goals.
- Maximize Business Deductions: From home office expenses to equipment purchases, we help ensure eligible deductions are planned in advance—not discovered after year-end.
- Time Income & Expenses: By managing the timing of income receipts or expenses, you can shift tax liability into the year that works best for you financially.
- Industry-Specific Credits: If applicable, we explore tax credits related to your field—like the R&D credit, energy efficiency incentives, or employee retention credits.
- Strategic Asset Purchases:
We help you evaluate whether making major business purchases fits into your broader financial plan, especially near year-end.
Tax opportunities can be fleeting. We help you identify and act on them as part of your year-round planning.
Business Structure & Exit Taxation
Build your structure with the end in mind
Your business entity—LLC, S-Corp, or C-Corp—can significantly impact your tax liability. While your accountant or attorney helps select and maintain your legal structure, we plan within it. We also help you prepare for the long-term tax impact of selling your business or passing it on. Whether you’re planning a future buyout, considering gifting shares to family, or preparing for a third-party sale, we coordinate the financial planning necessary to manage the resulting liquidity, retirement funding, and capital gains.
State and Local Considerations
Plan for taxes across state lines
Business owners operating in North Carolina, Virginia, or both need to be aware of how state and local tax rules differ. From sales and franchise taxes to pass-through entity taxes, we help ensure your tax plan reflects where—and how—you do business. For entrepreneurs expanding across state lines, we bring a big-picture perspective to help you stay compliant while minimizing your total tax burden.
