Here are six year-end tax-planning questions small business owners can use to maximize their savings this year.

1. Here are six year-end tax-planning questions small business owners can use to maximize their savings this year. By talking to a tax advisor now, entrepreneurs can potentially save hundreds of thousands of dollars in the years to come by understanding this major tax reform law and taking action before the end of the year. There is a lot of confusion over what has changed, and a thorough review of your tax strategy with a professional advisor can result in significant savings now and into the future. Here are the five topics to look at and the related questions to ask: 1. State deductions The question you should ask: If I live in a high-tax state, what are my alternatives to paying tax as a business instead of personally? Paying tax as a business may increase your state tax deductions or make state tax-credit contributions in your business tax-effective. By making these changes, you may avoid the limitation on individual state-tax-credit contribution deductions. 2. Automobile deductions The question: If I need a new car, what about an SUV? You can take advantage of the 100 percent write- off of the business-use portion if you buy an SUV or truck weighing over 6,000 pounds. 3. Home offices and automobile deductions Most people don’t realize that when they have a home office, that fact can increase their permitted automobile deductions. Because commuters aren’t deductible, walking 30 feet to your home office can be your commute; then, driving to the office or appointments becomes deductible as travel. 4. Legally shifting income to children The question: Can I legally shift some of my income to my children to reduce my taxes? If you have children and pay them a salary, this money can be taxed at their tax rate. This rule applies legally only to

2. earned income (as opposed to unearned income, like interest income and income from a business those children own passively). Children have a 10 percent and 12 percent tax bracket in the United States, and a $12,000 standard deduction, which means that the first $12,000 they earn is tax-free. 5. Retail inventory deductions The question: If I own a retail establishment, should I change my accounting method to maximize new inventory deductions? The new tax law specifies that a small-size retailer (less than $25 million in sales) can elect to treat his or her inventory as “non-incidental” materials and supplies. With the right inventory-tracking tools, the owner may create significant tax savings with this new rule. 6. Finding the right tax advisor The question: What credentials should I look for in an advisor? Using the right tax advisor is more important than ever with the new tax law. While most businesses only talk to an advisor once or twice a year, great tax advisors have regular strategy meetings with clients to discuss goals and approaches. Most accountants think in a straight line, a really good accountant finds creative (and legal) ways to use the law to save the taxpayer money. The best tax professionals are always CPAs or certified public accountants. These professionals are the most knowledgeable and passionate about reducing taxes, so most business owners should use a CPA. You need a thorough diagnosis by a tax professional that will lead to major tax savings. Tax planning Service Scottsdale Searching for the best Tax planning service Scottsdale? Avail the Tax Planning Services Scottsdale at Nationwide Management Consultants LLC, to adjourn the income, by which one can keep one’s money presently and give fewer taxes then.