What You Need to Know About Tax Planning for Your Business

A pass-through deduction is a tax deduction for business owners. It allows you to take the cost of your business expenses as an itemized deduction on your personal taxes, rather than having them deducted from your company’s income.

The pass-through deduction isn’t new, but it’s becoming more popular in recent years because of its potential benefits. If you’re considering taking advantage of this option with your own business, here are some things you should know before doing so:

If you are self-employed, setting up a SEP IRA can be beneficial for your tax planning. A SEP is an individual retirement account that allows an employee to contribute up to $5500 into their own retirement savings plan each year. This is an excellent option if you have employees or even if you are just starting out as a business owner and want to start saving for retirement while still working on building your company.

If you do have employees, but they don’t participate in the company’s 401k plan (or any other type of employer-sponsored retirement plan), there are still ways that they can save money for their future! One way is through setting up a SIMPLE IRA account at one of the several online brokerages like TD Ameritrade or Scottrade; another way would be through setting up an employee stock purchase plan through Vanguard Direct Planner which allows people who work at small businesses with under 500 employees access to low-cost shares without having them pay any fees associated with these types of accounts until after five years pass since opening them up (this also comes down further if there are fewer than 10 employees participating).

If you’re self-employed, check out the different ways to offer health insurance benefits to your employees. You can either offer them with a traditional plan through an insurance company or a high-deductible plan like HSA’s (health savings account) which allows them to pay for their own medical expenses out of pocket until they meet certain limits set by their employer.

You may want to consider offering both types of plans depending on how much experience and training your employees have in regard to handling finances or making decisions about their own healthcare needs. It’s also important that you make sure that any benefits are affordable for all parties involved—if not, it might be best if someone else stepped in as manager since this would help ensure everyone gets what they deserve!

The most significant change to tax reform legislation in 2022Nationwide Tax ResolutionNationwide Tax ResolutionNationwide Tax Resolution was the passage of the Tax Cuts and Jobs Act. This law significantly reduced income tax brackets for corporations, but it also made many adjustments to other taxes that will have an impact on businesses.

In order to make sure your business is compliant with this new legislation, you should review its provisions and make changes if necessary. For example: