Tag: outsourced accounting team

Tax Deferment: Use Retirement Accounts to Your Advantage

Posted on by Bryan Polozola

Small business owners know a thing or two about sacrificing for the greater good of the company. While being a small business owner has a multitude of perks, owners give up the benefit of tax-deferred personal retirement accounts. However, there are options as an employer that not only yield tax benefits for you, but will be advantageous in attracting and keeping great employees. Consider one of these retirement plan options for your company today:

 

Simplified Employee Pension (SEP) IRA

 

Working much like a traditional IRA, a SEP account gives you the benefit of deferring taxes on 25% of your income, with a maximum allotment of $49,000. A SEP IRA is perfect for those who have a full-time job and run their business on the side via 1099 income or moonlighting because it does not interfere with your eligibility for your company’s traditional 401K plan. The drawbacks include lack of flexibility (all employees must receive the same amount), no employee contribution options, and 25% of income cap (which could hit sooner if you make less than $200K).

 

Savings Incentive Match Plan for Employees (SIMPLE) IRA

 

The SIMPLE IRA is similar to the SEP IRA, but mandates a lower maximum contribution rate ($11,500-$13,500 based on age). Due to the lower maximum contribution rate, a SIMPLE IRA is not recommended for most small business owners, as a SEP IRA or 401(k) plan just makes more sense.

 

Individual 401(k)

 

An individual 401(k) is set up with one beneficiary, the business owner himself. Like the SEP IRA, the maximum contribution is $49,000; however, there is the benefit of contributing 100% of the first $16,500 of your self-employment income. Consider this option if you make less than $100k and want a way to maximize all retirement sources.

 

Not sure which plan is right for enjoying small business tax deferment and added retirement savings for you and your employees? Give Bryan Polozola at NexGen Finance Solutions a call today at 214-629-0100 or via email at bryan@nexgenfinance.com. We are your one-stop financial advisors in Dallas.

 

Are you ready to meet YOUR new finance team?

5 Ways for Small Business Owners to Avoid Taxes

Posted on by Bryan Polozola

 

Tax season is drawing to a close, but it is never too early to begin thinking about next year’s tax filing. Proper tax planning is an ongoing effort, requiring diligence throughout the year to maximize tax benefits.

 

Now that tax season is ending, apply these tips to your small business to help reduce your tax burden in the coming year:

 

  1. Optimize Tax Elections

 

Consider company assets such as machinery, equipment, company vehicles, etc. and where they fit into your overall tax plan. For example, major purchases such as these can be written off in full up to a set dollar amount, but it may not be optimal to do so. If your company is just starting out, it may be wise to use depreciation now and save the deductions for the future.

 

  1. Track Your Carryovers

 

Carryovers are tax credits and deductions that cannot be fully used in the current year, but can be carried over and used for future years. Some of these carryovers may include general business credits, charitable contribution deductions, capital losses, and net operating losses.

 

  1. Know Your Adjusted Gross Income

 

Adjusted gross income (AGI), or modified adjusted gross income, is the benchmark that determines your tax breaks and tax liabilities. Lowering your AGI may provide additional tax incentives.

 

  1. Accountable Plans are a Must

 

With an IRS approved accountable plan, all employee reimbursements are company expenses, not employee income. If your small business in Dallas has employees that are reimbursed for travel, entertaining, personal expenses, etc., then using an IRS approved accountable plan is a must to avoid additional employment taxes.

 

  1. Take Tax Free Income from your Business

 

We are in no way advocating illegal activity, but rather using your business to your advantage. You may give yourself a loan through your business or set up a retirement plan, funneling income through tax-free channels. These fringe benefits are important ways to minimize your tax burden when tax time rolls around.

 

Interested in putting together a comprehensive tax plan for the year ahead? Give Bryan Polozola at NexGen Finance Solutions a call today at 214.629-010. Our team is expertly trained in all of your finance and accounting needs, with many years of experience in tax preparation, tax law, financial planning, and more.

Are you ready to meet YOUR new finance team?

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Outsourcing Your Accounting and Finance Needs: What to Expect

Posted on by Bryan Polozola
As a business owner and entrepreneur, you have a lot on your plate. There are many balls flying in the air, and often, you need someone to come alongside you to help catch them.
NexGen Finance Solutions wants to be that partner. Our team of finance professionals is dedicated to providing the support you need, adhering to the time frame you are looking for, and completing the work with integrity and the expertise you can rely on.
Tailored to You
One of the greatest benefits of an outsourced accounting department is that it is 100% tailored to your needs. Our goal is to support your company and integrate into any existing accounting and finance personnel you already have on staff. NexGen Finance Solutions can handle any level of accounting and finance needs; therefore, our team can easily supplement the efforts of bookkeepers, CFOs, accountants, or office managers on staff. This flexible approach to accounting allows you access to all levels of financial expertise, but at a flexible cost structure that is completely tailored to your business.
Advice for the Long Haul
Not only can we manage the day-to-day operations, but our team of outsourced finance professionals is well-equipped to act as a forward looking finance expert for the days ahead. You can expect NexGen to be proactive in offering advice and finance solutions, identifying cost saving strategies, offering ways to grow the business, etc. We strive to see our clients exceed in all areas of business, because when they succeed, we too succeed.
Experts You Can Trust
When it comes to your business’s finances, you need to know that they are being handled with the utmost care and solvency. NexGen guarantees you the highest quality accounting staff, and that high standard begins with our people. All of our employees are experts in their field, well-equipped to handle the challenges of your growing business. No financial matter is too big for our outsourced accounting team to handle.
Are you ready to meet your new finance team? Contact Bryan Polozola at NexGen Finance Solutions today at 214-629-0100 or bryan@nexgenfinance.com.
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