Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
With increases going into effect for corporations and many higher-income taxpayers, and continued uncertainty about tax legislation, savings planning as part of your tax accounting strategy is more important than ever – but also more difficult. Driven by the recent uptick in the economy, many businesses and owners are seeing income levels increase, making them subject to more taxable income if tax exposure is not minimized.
All too often, Doeren Mayhew finds that individuals and businesses don’t use all the deductions, credits and other savings strategies because they are either unaware or unsure of how to take advantage of them. Be sure to take advantage of the personal and business breaks available this year, including:
As you get ready to file your 1040, remember that you may still be able to reduce your 2013 taxes by:
Business owners are very aware of how federal taxes eat into profitability. However, many companies focus on reducing their federal tax burden, paying less attention to their state and local taxes, which may actually offer more opportunities for savings. Tax strategies to reduce your total tax liability include:
For more ideas on ways to reduce your taxes, download our 2013-2014 Tax Planning Guide, contact Doeren Mayhew’s tax accounting specialists in Michigan, Houston or Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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