Protecting assets and decreasing tax burdens may seem like mutually exclusive business goals, but a new service from tax experts at Golden Tax Relief can help home insurance agents in Cook County accomplish both.
Interested parties can learn more at https://www.goldentaxrelief.com
The Elmhurst tax consultancy launched the new service, which helps insurance professionals find legal, ethical ways to reduce their taxes. Absorbing an unnecessarily high tax burden is never good for businesses, but it’s especially dangerous during times when inflation and corporate expenses are high.
Recently, inflation has cut deeply into budgets across almost every sector. The overall inflation rate slowed to about 5 percent in March 2023 after more than 2 years of steady increase, according to the Bureau of Labor Statistics. Rising prices at the grocery store have captured media attention, but supply chain and materials costs have strained businesses even more disproportionately, experts say. This unexpected burden, when combined with tax payments that are higher than necessary, can negatively impact the liquidity of small businesses.
Experts cite cash flow challenges as a leading cause of small business failures. Decreased cash flow can jeopardize company assets, as well as restrict their growth and ability to serve clients. But tax planning methods like the services offered by Golden Tax Relief can increase liquidity and help companies thrive.
Gimmicky tax strategies and loopholes may create short-term savings, according to the consultancy’s tax experts. But they don’t produce long-term financial gains, and can jeopardize company assets if they result in legal challenges. That’s why Golden Tax Relief uses proven, legal methods to help high-income business owners reduce their tax burden.
“Using strategic and legal methods, through a series of meetings with our clients, we create a comprehensive, custom tax plan that will reduce your tax liability year over year, allowing you to put more money back into your business, increase your retirement savings, and maintain your lifestyle,” a company representative said.
Golden Tax Relief was recognized as one of the nation’s fastest-growing businesses for 2022. To qualify for the tax consultancy’s services, businesses must be established for two years and have more than $50,000 in revenue.
For more information, visit https://www.goldentaxrelief.com/family-business-tax-planning
Golden Tax Relief
100 South York Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Biz Power News journalist was involved in the writing and production of this article.