What You Need to Know About California Small Business Tax Deductions For 2022 From there, we have connected them with a bookkeeper to help make sure valuable tax deductions are not falling through the cracks. This smart tax planning move alone will save them over $200,000 in taxes in 2022.
We will continue with the Solo 401(k) plan and expect to add a Cash Balance Pension plan, which will allow this gay business-owning couple to shelter more than $400,000 in income, per year. That being said, for 2022, we were able to provide even more massive tax planning value. At the same time, we dug through his spending to find as many business tax deductions as he was entitled to use. We were playing catch up for 2021, but luckily, we were able to slash his tax liability in half by fully funding a Solo 401(k) for him and his husband (Lowering their taxable income by $129,000 with this one tax planning move alone). One particular new client earned nearly two million dollars in revenue and had no idea what he could do to lower his tax liabilities. Being locked at home has caused some of us to spend a lot more time working, and that hard work has paid off in the form of higher incomes. I’ve spoken with so many California business owners who have seen record profits so far in 2022. By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™ Keep reading this Financial Planner LA for more tax planning for your California business and information on tax deductions to help minimize the taxation of your small business. The rules may vary slightly from independent contracts to S-Corps to Partnerships to LLC. These rules also apply to those with self-employment or independent contractor incomes. One of the easiest ways to make your California business more profitable (without working any harder) is to identify all of the small business tax deductions that you are eligible for.
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