The Twelve Days of Taxmas – Business Structure Review
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing important tax insights through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the tenth day of Taxmas, my accountant gave to me a review of my business structure.
Reviewing the structure of a business entity can allow for maximum tax savings. Perhaps, more importantly, a business structure review will ensure that a company is set up to achieve the established goals. The business structure will determine important issues like making payroll or distributions and how income will be taxed as either self-employment income or not.
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©2020 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and should not be construed as accounting, tax, or financial advice. Please consult your tax advisor concerning your specific situation.