Most business owners stick with their original LLC without checking if it still makes sense. As your business grows, the wrong entity structure can cost you serious money in taxes, but it's fixable. A tax advisor walks through how to evaluate whether your current setup still works.
One of the things that we've noticed with new prospects coming to us is that oftentimes business owners will have, they've started building this profitable business and they started years ago, but they're operating under the same entity structure that they started with. And oftentimes that was just, hey, I need an LLC. I'm going to go create an LLC with really no tax or legal thought put into it, right? And one of the problems with that is that you can quickly outgrow whatever that entity structure is, both either on the tax side or legal side. Now, we only deal with the tax side, and we have colleagues that we refer to for the legal side, but it's definitely something that you don't want to, you don't want to kind of set it and forget it, right? And when we bring on a new client and we're running them through our tax advisory efficiency study, we will oftentimes start at the entity to say, hey, what are your— what's your entity? What was the purpose for it? What were your ideas back when you decided to become this entity? Does that serve you now? And it oftentimes— there's a huge tax leak specifically with the type of entity that a person starts out with. And As a result, they've lost a lot of money, but it's— the good news is you can change that. So if you have questions about your entity structure or how you can run an evaluation to see where the tax leaks in your business is, let's talk.
Estimated Payments.. What are they? Why you should care. #construction #trades #taxes
