Don't Let State and Local Taxes Ruin Your Bottom Line

As a business owner, you're probably too aware of how federal taxes eat into your company profitability. But you may not fully understand the negative impact state and local taxes can have on your bottom line.

We find that while many companies focus on reducing their federal tax burden, they don't pay as much attention to their state and local taxes, which may actually offer more opportunities for savings. Henderson Hutcherson & McCullough specializes in helping business owners develop and implement tax strategies that keep their total federal, state and local tax liability to the minimum. We can help:

• Determine whether you are eligible for special state and local tax credits. Many smaller companies are unaware of all the tax incentives that various governmental units offer.
• Evaluate your business structure and activities for ways to reduce taxes at all levels. Often, a simple change in operating procedures translates into real tax savings.
• Analyze your business assets to ensure their distribution takes full advapost_tage of changes in tax law and proven tax-reduction strategies.
• Identify steps, such as timing equipment purchases and accelerating depreciation, that would further reduce your tax liability.

These are just some ways our experienced advisors can help you save tax. Our 2012-2013 Tax Planning Guide discusses other steps you can take to reduce business taxes. By reviewing your recent tax returns and thoroughly evaluating your situation, Henderson Hutcherson & McCullough can make sure your business takes full advapost_tage of all options available to reduce taxes and increase profits.

If you would like to enjoy greater business profitability through lower taxes, please email or call Kevin Rose at 423-702-8392 or krose@hhmcpas.com. One of our tax professionals would be happy to talk with you about ways we can help keep your business, and personal, taxes to a minimum.