Business Tax Planning Strategies

Business Tax Planning Strategies-15
As such, business owners currently on salary should consider taking dividends instead of wages.Under a dividend compensation approach, there is no requirement to pay into CPP.If the purchase of an asset is delayed until the coming year, the business will have to wait a full fiscal year before the maximum depreciation rate can be used.

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To achieve this goal, allocate different classes of non-voting shares to family members with the intention of paying dividends to the members with the lowest tax bracket.For each dollar earned, a different tax rate may apply depending on which tax bracket the additional income falls into.In other words, higher income earners will have to pay higher rates of tax on a portion of their income.If your business operates as a C-corporation, you won't be able to take advantage of the deduction but the tax bill does reduce the corporate tax rate from 35% to 21%, offering another potential avenue for tax savings.Strategy and planning are always a key focus area for any small business.By Employing: To help combat the tax implications of earning more, business owners that can employ a spouse or their children should consider splitting their income with members of the family.This will help utilize any lower tax bracket room that might be available through other family members and reduce the overall personal tax bill for the year.With this in mind, businesses planning to purchase significant assets near the year end date should do so before the fiscal year is over.Under this approach, the business will be able to utilize the full write-off much sooner.Donating part of your wealth to charity can yield a tax deduction and, beginning in 2018, the deduction limit for cash contributions to eligible charities increased from 50% of Adjusted Gross Income to 60%.The Act also repealed the Pease limitations, which capped the number of charitable deductions available to high-income taxpayers.


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