With a bachelor’s degree in business management from Eastern Washington University, Cubby Bice completed his MBA from Georgia State University. Cubby Bice is pursuing a Ph.D. in finance at Liberty University in Lynchburg, Virginia. He serves as president of a full-service financial consulting firm that assists clients with their individual and business planning needs, such as tax management.
Tax management is an essential part of running a successful business. Tax planning involves taking advantage of deductions, credits, and other opportunities to minimize your overall tax liability. By proactively planning for your taxes, you can ensure that your business is as efficient as possible come tax time.
Tax management strategies can help you legally reduce your adjusted gross income (AGI) while still complying with the tax code. Some common strategies to reduce AGI include contributing to a retirement account, taking advantage of tax-deductible expenses, and selling assets at a loss.
Deferring taxable income is another popular strategy. This involves delaying receiving taxable income until a later tax year. For example, use your credit card to pay for recurring costs. You can deduct them this year even though you won’t pay the bill until next.
If you think your spouse or kids can help your business, you should hire them. If a child’s earnings fall below the IRS’s set limit, they will not be subject to income tax. In addition, you can put the money you’re paying your kids into a Roth IRA, or savings account for their future. You also won’t have to take out taxes from their pay.
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