Entrepreneurs Break
No Result
View All Result
Thursday, August 18, 2022
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
Entrepreneurs Break
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
No Result
View All Result
Entrepreneurs Break
No Result
View All Result
Home Business

How Small Businesses Can Get Maximum Tax Deductions

by Vivek Singh
June 15, 2021
in Business
0
How Small Businesses Can Get Maximum Tax Deductions
158
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

Glenn Sandler, the founder of G.I. Tax, says that almost all small business entrepreneurs ask the same question: How can I save tax dollars like the big corporate companies? Smaller companies have several challenges to maneuver to stay in business. Worrying about their taxes and not getting what they deserve in the way of deductions shouldn’t be one of them.

 

“G.I. Tax believes all business owners, especially the small business entrepreneur, deserve the same information and access as the top percent,” says Sandler. And an experienced accountant will be able to find those deductions, even for small businesses.

Table of Contents

  • Deduction complications
  • Weighty decisions
  • About G.I. Tax

Deduction complications

 

The problem with deductions is, at first glance, it appears everything is deductible. However, many small business owners are left empty-handed when filing their taxes because of the thousands of exceptions.

 

Sandler believes the job of a good accountant is to find every penny your company is entitled to—or “leave no dime behind,” as his slogan states. That’s why his company, G. I. Tax, does things a bit differently than some other accounting firms. “G.I. Tax typically does not do your taxes at your consult. We do a Free consultation, and then we dive in,” explains Sandler. 

 

Tax season is hectic for accountants, and all of their clients want the same thing—maximum deductions. However, this goal is only achieved with the level of attention G. I. Tax accountants provide. Sandler says their free consult helps the customer feel comfortable with the process and establish a level of trust. Then Sandler’s team researches applicable deductions and follows up with many questions to get things just right. Sandler adds that it’s the attention to every little detail that’s important and often skipped with other accounting firms. 

 

Weighty decisions

 

Sandler says small businesses often wonder if they are better off being a Sole Proprietorship or a Limited Liability Company (LLC). This decision is made simpler with the help of a good accountant. 

 

An LLC is a relatively new concept in the business world that helps some small businesses compete with the big corporations when it comes to reaping maximum deductions. An LLC is formed through the state by filing Articles of Organization and paying a fee. The IRS uses the tax categories of other established business types since an LLC does not have its own federal category. 

 

Filing as an LLC does have some key advantages for small businesses. Sandler says a Qualified Business Income (QBI) deduction is one deduction not offered to larger corporations. The QBI allows LLC owners to get a 20 percent deduction from their net business income, in addition to the standard business expense deductions.

 

Additionally, LLCs also have the option to be taxed as an S corporation. As an S corporation, the business is operated as an LLC but pays taxes as a corporation or S corporation. Sandler says these decisions depend on the specifics of your small business. His team is qualified to categorize your business in the most advantageous way, which equals saving more money and gaining more profits.

 

About G.I. Tax

 

Founded in 2012, Glenn Sandler, CPA, CFE, created G.I. Tax to specialize in income tax preparation and small business consulting. From the onset, Sandler truly wanted to change the way Americans feel about filing their taxes. Many of their services are free through the Patriot Bar. Clients can come in and get assistance with financial planning, notary services, home and auto loan guidance, business consultations, student loan assistance, résumé building, and more.  

 

For more information on all of the services Sandler and his team offer, please visit https://www.gitax.com/

 

“Like” G.I. Tax on Facebook at https://www.facebook.com/GITaxService

 

Follow G.I. Tax on Twitter @GITaxService

 

  • Trending
  • Comments
  • Latest
Potential High Return Cryptocurrencies in 2021

Potential High Return Cryptocurrencies in 2021

July 12, 2022
5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

January 9, 2022
How to Search, Share and Download Video TikTok

How to Search, Share and Download Video TikTok

April 25, 2022
Diamond Painting: The Ideal Craft Trending On Social Media

Diamond Painting: The Ideal Craft Trending On Social Media

June 20, 2022
Top 5 Safety Tips for your Family Road Trip

Top 5 Safety Tips for your Family Road Trip

2
Discover How to Get More Facebook Fans in 3 Weeks

Discover How to Get More Facebook Fans in 3 Weeks

1
Blockchain for Social Good

Blockchain for Social Good: Transparency and Accountability is Key

1
What is TikTok? Lets find out more about the app of the moment

What is TikTok? Lets find out more about the app of the moment

0

Buy Uwell Caliburn A2S Kit for better vape experience

August 18, 2022
Which difference between Managed Testing Services and Quality Assurance Staffing

Which difference between Managed Testing Services and Quality Assurance Staffing?

August 18, 2022
Business Startup: Tools for Starting a Business

31 Quotes About Launching a Startup

August 18, 2022
The 5 Best Places to Find Free Bitcoin Trading Resources.

How to Grab Knowledge about Profitable BTC Trading in The Gambia?

August 18, 2022
Entrepreneurs Break

Entrepreneurs Break is mostly focus on Business, Entertainment, Lifestyle, Health, News, and many more articles.

Contact: [email protected]

Note: We are not related or affiliated with entrepreneur.com or any Entrepreneur media.

© 2022 - Entrepreneurs Break

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion

© 2022 - Entrepreneurs Break

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In