Skip to Content

Key Tax Strategies for Small Businesses

Taxes are often the primary reason small business owners hire a CPA. Developing an intentional tax strategy including but not limited to claiming the right tax credits, employing family members, and saving for retirement will optimize your tax return.

Claim the Right Tax Credits

Be sure to evaluate what tax credits (or deductions and exemptions) you could possibly claim. There are credits for many things including providing childcare, having disabled access, family leave, and more. There are so many opportunities, it is beneficial to partner with a CPA to form the best tax strategy for your business.

Call Layson, Treadwell & Spires CPAs at 478-259-0523 for Your Small Business Tax Strategy Needs!

Employ Family Members

While it may not be the best option for everyone, there are several ways to employ family members in order to claim a tax credit. By employing a spouse, sibling, parent, or child, a small business owner can withhold and report taxes differently. Be aware of how your business is set up, position the family member holds, and your relationship with that family member. These factors affect how the IRS views your company and your taxes. This tax strategy is a good idea for some small business owners – speak to our CPA to see if it’s right for you!

Save for Retirement

Saving for your future while at the same time using a tax credit? A dream come true! As a small business owner, it is your sole responsibility to set a plan up for your future retirement, even if it’s 50 years down the road. The saver’s credit is for taxpayers who either contribute to an employer-sponsored plan or normal IRA. The credit is applied based on your annual contributions, filing status, and income. The earlier you implement this tax strategy, the smoother each tax season, and ultimately your future, will be.

About Layson, Treadwell & Spires CPAs

Layson, Treadwell & Spires CPAs is a full-service accounting firm serving Middle Georgia businesses. We are a family-based firm dedicated to the financial success of our clients through various services such as tax preparation, tax planning, accounting, and remote CFO work. Conveniently located at 5233 Riverside Drive, Suite C, in Macon, Georgia, or 1020 Park Drive in Greensboro, GA. Layson, Treadwell & Spires CPAs is ready to handle any of your accounting needs.