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Helping New Jersey business owners make the right decisions

Starting a business can be both exciting, as well as overwhelming for many individuals. Larger businesses will oftentimes take advantage of foreign mergers to afford themselves tax breaks. However, many New Jersey residents may be surprised to learn that small business owners can take advantage of many legal tax breaks that they may not even be aware of.

The first item small business owners would want to consider in their business start-up is what their current or future tax structure is or will be. According to 2012 tax returns, nearly 2 million companies filed as a C Corporation, just over 3.5 million filed partnership returns and over 4.5 million filed as S Corporations. Some businesses are paying double taxes by filing as a C Corp, while others could have saved big on payroll taxes by having their LLC file as a corporation and choosing S Corp status.

The other areas business owners may want to look at is how their fringe benefit system is structured. Regardless of whether the owner is considering qualified plans, life insurance or disability insurance, there are strategies and techniques that can be utilized to save taxes and benefit the business.

Business planning is critical to getting one's business off on the right foot. If one does not do the legwork on the front end, there can be much stress on the back end. Fortunately for New Jersey residents, there are experienced business law attorneys who can assist one is getting their new business structure set up. These individuals will take time to listen to the goals and objectives and lay out a plan that meets the unique needs of each business.

Source: Forbes, "Even Small Business Owners Can Use These Tax Breaks", Steve Parrish, June 24, 2014

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