Ok, so your small business had a really good 2011; sales were up, profits were up; you and your wife still get along. Having a good profit for the year is a double-edged sword: you have more money in the business checking account, but now Uncle Sam and Bobby Jindal are going to want a fairly hefty share of those profits! It’s too late to take any 2011 tax dedeuctions in 2012, right? Not correct.
There are several tax-saving options available to you now, even though 2011 is over. A big one available to you right now is your retirement plan if you did not contribute in 2011. A SEP/IRA is a great way to sock money away for 2011 in 2012. You can have one of these even if you had no employees in 2011. With a SEP/IRA you don’t have to pay a third party administrator like you would a 401(k).
Determining the proper retirement plan for you and your business is crucial. Don’t place all of your trust in the financial retail houses or banks to do it for you. Trust an independent firm with over 25 years of experience in areas of tax-savings plans, tax planning, and guaranteed financial products.
Look in the “Testimonials” area of our website and see what we have done for other small business clients just like you. Email us or give us a call today for a free, no-obligation review of your 2011 tax picture.