Save Thousands with Proper Tax Planning

 

As an agency owner, you juggle an endless array of business responsibilities daily. With so much on your plate, properly managing taxes often becomes an afterthought. But this lack of ongoing tax planning is likely costing your agency tens or even hundreds of thousands extra each year.

Stephen Woessner of Predictive ROI recounts an all too common scenario he frequently witnesses at the annual Money Matters Workshop hosted by Drew McLellan:

The presenter walked through various tax reduction tactics that agencies can use completely legally, and completely validated by IRS publications. These aren’t shady loopholes but very real ways agency owners could leverage tax deductions to retain more of their hard-earned income while operating legally and ethically.

Yet predictably, multiple attendees instantly resist many of the suggestions, claiming:

“Our accountant said that would get us audited…”

“Our CPA told us we shouldn’t actually do some of those things…”

“Those aren’t even legal.”

While proceeding with caution is understandable, all the methods presented compile best practices backed directly by IRS guidance documents. We shouldn’t let fear of the unknown hold us back from keeping more of our hard-earned money — especially when it’s perfectly legal.

Oftentimes tax professionals default to simplistic, overly prudent advice to minimize risk. While this approach can prevent problems, it often leads agency owners to overpay taxes. Just how much are we talking?

According to Stephen, agencies can overpay by tens of thousands of dollars, going well into six-figure sums. In one instance, a proper tax plan helped a digital agency save over $300,000 off their annual IRS bill. For some agency owners, overpaid taxes can make up one of their largest annual expenses due to a lack of a strategic tax plan.

By working closely with specialized experts, agencies can legally trim down one of their biggest line items and position themselves for dramatically stronger profitability each year into the future.

Don’t leave tremendous benefits on the table due to tax planning intimidation or inadequate counsel. Explore your options and prioritize agency tax planning if you haven’t already. It could be the difference in your entire retirement savings.

To hear more from Stephen about what he’s learned about tax savings strategies, and maximizing profitability and efficiency, tune in to the Progressive Agency podcast.