Mark Kohler says small-business owners should start by hiring a proactive tax advisor, not just a preparer. He outlines a three-part framework covering business operations, invested assets, and personal tax planning, then layer specific strategies on top to cut what you owe.
Some of the strategies that small businesses are trying to implore for best tax savings. Where should they begin? What's number one? The lowest hanging fruit.
First big thing for a business owner is to realize they've got to find an advisor and maybe get away from someone that's just reporting their taxes. They're out there. They could be a little hard to find. But when you find an advisor, you're planning your big picture. A term we use when we work with our clients is trifecta. We want to bring it all together with operations, the assets we're investing, and then bring it down to our trust or 1040. And with this trifecta blueprint, when you have a big picture, you know the direction you're going. And then you can start popping in those tax strategies that really move the needle.
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