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Columns | Go Far With Kovar

Tips to make filing easier


by Taylor Kovar

Hi Taylor: I feel like I paid too much in taxes this year. I own a small consulting firm and think I must be missing out on deductions or something because I really took a hit. Are there simple tricks I'm missing? - Alex

Hi Alex:
Sorry to hear that. Tax season certainly isn't my favorite time of year either, but I've learned a few coping mechanisms that help me survive. I've also got a few ideas for how business owners can lower their burden, and hopefully some of this info will benefit you.

1. Consider fringe benefits for employees. How you pay people has a big effect on your taxable earnings. Bonuses and wages are going to be taxed, but health insurance and other benefit programs allow you to essentially pay employees without getting dinged by the IRS. It will depend on the type of work and who you employ, but you can consider things like disability insurance, education assistance, transportation benefits, dependent care assistance and a handful of other programs that ease your tax burden while still ensuring your workers can make ends meet.

2. Start earlier.
There's no trick better than effective planning. If you can start getting your books in order in December of the taxable year, you can take big steps toward reducing your liability. For one thing, you can push invoices into the next year if it looks like you exceeded earnings expectations. You'll have to account for that money the next time around, but at least you'll know about that heading into the new year. You can also make last-minute donations and purchases to increase your write-offs. It's really easy to put off filing until March or April since tax preparation is such a pain in the neck, but starting early almost always leads to a smaller payment when all is said and done.

3. Donate mindfully.
Charitable donations are a great way to reduce the amount you owe, and donating to causes that align with your mission statement can do more for your company than you might expect. You can take some money off the books and reduce your liability while also motivating local customers to use your consulting firm and driving up your returns. For someone overpaying on taxes, the right donation can make a huge difference.

As a business owner, April 15 will never be a day you look forward to. However, you can definitely take steps to make it a little less painful. Hope this helps!


Taylor Kovar April 15, 2022
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Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.


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