Taxes are an unpleasant reality for any business. In fact, they are literally one of the “costs of doing business” for all companies. With this in mind, you want to do everything within your power (and within the law) to lower your tax payments. This article will offer several pointers on tax-related issues, with the goal of helping you save big on business taxes.
Understanding International Taxes
If your company maintains locations overseas, or does business with other countries, you need to account for international tax codes. International tax codes can be very confusing, but they still need to be followed. Failure to comply with international tax codes can mean stiff penalties for your company. You need to be aware of these issues if you are conducting international business.
Understanding State And Local Taxes
While not quite as complicated as international tax codes, state and local tax codes can still cause confusion. This is a common situation for American companies, as American companies frequently do business in multiple states. If this is the case, you need to make sure that you are paying the exact amount owed for each state, and are not underpaying or “double paying.” Unfortunately, this situation is all too common in the business world.
Transactional Services
While a merger or acquisition can be an exciting step in your company’s growth, it comes with a lot of tax issues as well. You need to be aware of – and compliant with – all of these complicated issues. For example, your choice of entity can have a big impact on the taxes that you pay. It is important that you do your due diligence and ask the right questions if you are considering a merger or acquisition.
Research And Experimentation Credits
Did you know that the government gives tax credits to companies that move the U.S. economy forward through innovation? These are known as research and experimentation credits, and not enough companies take advantage of them. If you are a company that is constantly innovating, you should take credit (literally) for all of your groundbreaking work.
Staffing Services
Tax time can be a very difficult time for accounting departments. It can be hard for accounting departments to balance all of the extra tax-related work with their typical monthly workflow. For this reason, we recommend looking into outsourcing options during tax time.
Advisory Services
Ohio advisory services can help you save big on taxes, while also making sure that your taxes are done correctly. An advisory service can help you with all of the issues mentioned above. An advisory firm can ensure that you are compliant with international tax codes. An advisory service can also help ensure that you are not underpaying or double paying on state and local taxes. If you are considering a merger or acquisition, an advisory service can help you perform the necessary transactional analysis. An advisory firm can also help you maximize your research and experimentation credits. Finally, an advisory firm can step in and provide staffing help during busy times, like tax season.