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Leveraging Available Tax Credit #shorts

26 Jul 2023 · 1 min

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Bob Gauvreau advises small businesses on maximizing tax credits and deductions by maintaining up-to-date, accurate, reconciled books, keeping complete records to avoid missed expenses, and seeking professional guidance. He emphasizes proactive planning — timing expenditures, managing deferred income, and strategically maximizing deductible expenses — to legally minimize tax liability.

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Let's talk about tax credits inside your business and how to fully leverage them so that you're paying the least amount of tax legally possible. So one of the things you want to make sure that you're doing, and this is where I think a lot of businesses fail, is that they're not keeping up to date accurate records. So what happens is we go to do a tax filing, but everything isn't complete and there's missed expenses and there's missed amounts that have gone through your business. If you want to maximize the available deductions in there, or we need to have up to date accurate reconciled checked books. Seeking professional guidance is also a really positive, proactive way to help maximize the deductibility and eligible tax credits inside your business. If we're actually planning this out, we can be very strategic in timing different expenditures, looking at deferred income, what we can pull out of income and push into a following year. We can look at maximizing our expenses in our deductions, but we have to have a plan in advance.