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Creating a 2020 Tax Plan for Your SEO Company - Finnegan Pierson - Blog

Creating a 2020 Tax Plan for Your SEO Company

What will your business’s tax obligation look like in 2020? Depending on your business entity type, there may be new tax implications for you this year. You may want to consider changing to a different structure to ensure that you pay only what taxes you need to. The following is some guidance that will help you decide on your plan for 2020 taxation.

Avoid Double Taxation

This tax tip is nothing new. C corporations pay their own taxes as do their owners. For smaller businesses, this can be crippling. If you are incorporated, you should seriously consider switching to a different entity type. Fortunately, the process for setting up an S corp or an LLC is very easy, especially with expert help.

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Both these structures are pass-through organizations. That means that the owners pay tax on their own tax filings rather than the corporation paying them. In short, that means that the profits won’t be taxed twice.

Take Advantage of the Pass-Through Deduction

The 2017 tax cuts introduced a new deduction for pass-through organizations. This new rule applies to all pass-through entities. The most common type of pass-through organization is an LLC. However, you must make sure that you are electing to be taxed as a pass-through entity.

Other popular options include partnerships, proprietorships and S corporations. If you want to switch to a pass-through entity, a sole proprietorship is very easy to form. However, it does have some added liability. Nonetheless, the benefits of the deduction outweigh the cost of a good business liability policy.

An S corporation is a very good option for small businesses but does have some restrictions including the owners being employees. If you aren’t paying yourself a regular W2 salary, it may not be the right choice.

Consider Making Purchases at the End of the Year

When it comes to the end of the tax year, consider making any major purchases you may have been thinking about. This can help you cut down your profits significantly while acquiring assets. Obviously, don’t do this if you need the money for other purposes or if you don’t need the capital assets.

You will only pay taxes on your profits. When you eventually sell assets, there may be capital gains that will be taxed. However, many assets depreciate. This could significantly reduce your tax liabilities in the long term. So, if you have cash that will be taxed at the end of the year, consider investing some of it into assets that could help your business grow the following year.

Similarly, you can accelerate other expenses such as payroll. Before the end of the year, make your outbound payments rather than waiting for January. Depending on how your process those expenses, you may be able to reduce your on-paper profits without causing any disruptions or confusion.

Make Sure You Know What You Owe

Taxes can get complicated for businesses, especially if you sell in multiple states. Make sure you fully understand what you will owe. Many small businesses may owe sales taxes, excise taxes and employment taxes. These may be levied by multiple jurisdiction including federal, state and local. The state and local taxes get especially complex.

While individuals can often get away with preparing their own taxes, a business needs professional help. Even if you don’t hire an in-house tax accountant, work with an outside professional service. You will be glad for the assistance when you are making sure you’ve paid all your 2020 taxes. Additionally, many services can help you save on your tax bill, easily outweighing the cost of hiring them.

Learn more about business taxes and how you can set yourself up for success in 2020. SEO companies can range from sole proprietorships to corporations with multiple owners and many employees. Understanding how your specific situation affects your tax situation is important. It is also important to learn more about how you can potentially save on your tax bill this year.

Publish Date: January 24, 2020 12:10 PM

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