Which Tax Strategies Should I Explore?
At JAK + Co., we design our tax planning strategies around your personal or business goals. What’s most important to you? Where do you want to be in five years? How do you perceive success? These are the types of questions we ask to help you build a personalized plan. Whether you need business or personal tax planning , our tax consultants have tax strategies for you.
What’s the Difference Between Tax Deductions and Tax Credits?
Here’s an easy way to look at the difference: A tax deduction reduces your taxable income, whereas a tax credit reduces your tax. In addition to tax deductions, it’s important to ensure you’re taking advantage of all applicable tax credits. This is especially critical for businesses. Depending on your industry and business activities, you could be eligible for tax credits that could significantly reduce your tax burden. For example, the R&D credit is a tax credit that is often overlooked. With an understanding of your business, your tax consultant can identify tax credits that could benefit your bottom line.
Our tax consultants are experts in business structures, IRS tax consulting, and other essential functions. Learn more about how our tax CPAs in Minneapolis & St. Paul can provide guidance for your business tax needs.