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Steven Lissner & Company | Certified Public Accountants

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WE KNOW MONEY MATTERS.
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GROW WITH US

Tax Strategies in Business

Tax Strategies for Business Owners

This segment of financial guides is dedicated to strategic tax planning for business owners. Can you save more? We think so.

Many small-business owners aren’t yet accustomed to the opportunities available to them to reduce the amount they pay in taxes – we want to help! Small business owners are great for the economy – they create jobs, provide needed services, promote diversity, and put money back into their communities. Yet, those same business owners are often so busy running the day-to-day of their business that they miss out on opportunities to protect revenue that can go back into their business and help them save for retirement.

We have put together a few tips for small business owners to help maximize the value of your company, benefit your employees, your customers, and your future.  


5 Essential Revenue Opportunities For Businesses

  1. Start saving for your retirement. A simple first step to establish a retirement plan that offers financial security regardless of the long-term welfare of your business is to establish a retirement plan. A trusted financial professional can help you decide which type of plan is best for you. A popular option is the defined contribution plan, most often implemented as a 401(k) or SEP IRA, with these plans you contribute up to $55,000 per year – or higher if you are over the age of 55. You may instead want to consider a cash balance pension plan to stash away closer to $150,000 per year. If you can use these plans to get your taxable income below certain thresholds, you could possibly qualify your business for the 20% pass-through tax break. 

  2. Put your family members to work. Employing family members is one of the most overlooked and resourceful ways to begin reducing the household tax burden. If you employ a spouse, for example, you will likely be able to double the amount of income that can be deferred into your retirement fund.

  3. Rent your home when it’s used for business activities. Do you regularly host business-related events at your home? You might have overlooked the fact that the Internal Revenue Code allows dwelling unit owners to rent their property to other individuals or entities for 14 days or fewer in a calendar year and exempts the income received from taxation! Keep in mind, you want to make sure you have a contract in which the rent is paid near fair market value.

  4. Reduce self-employment tax with an S corporation. As a small business, you have until the end of the year to elect to be taxed as an S corporation retroactively. You are still required to run your payroll and pay yourself a fair wage, but distributions can allow you to eliminate the 15.3% tax on a large part of your annual income. Keep in mind with this, that avoiding self-employment taxes may ultimately reduce the amount of Social Security income you will receive in the future.  

  5. Evaluate the benefits of a C corporation. S corporation or C corporation? Generally, an S corporation allows you to avoid being taxed twice as earnings – for most businesses, this is the advisable default. But for some, the structure offered by electing C corporation may offer comparable advantages. With a C corporation, you have the ability to make use of tax-free employee fringe benefits such as meal expenses, medical, disability and long-term care insurance, and even tuition reimbursements. For some businesses, it may even make sense for a company to elect to combine corporate structures for the biggest tax benefits. If you are unsure, make an appointment with us to discuss your best options. Taking legal measures to reduce your tax burden is a smart business move, don’t be afraid to find the best option for you and your business.


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Hear From Our Clients!

Steven Lissner & Company LLC
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Steve and Cathy are wonderful to work with. They take the time to make tax season as pain-free as possible. They pay attention to details and ensure your filing is done with the utmost integrity.
Laura Romeu
Laura Romeu
I’ve been with Steve and his firm for 10 yrs now, they have always been extremely knowledgeable on any tax situations that I have had.
Paul Ferrone
Paul Ferrone
Great People here! Steve really knows his stuff. Always very professional, thorough and diligent, yet comfortably hospitable and friendly! Great looking Office Aquariums too!
Joshua Topp
Joshua Topp
I have been with this company for 25 years. The Best CPA Services Ever!!! Thank You Steve and The Team! Truly appreciated everyone for your excellent services. God Bless You All.
Joe Sutthasinwong
Joe Sutthasinwong
Steve is a trustworthy professional who I've relied on for over a decade, through cross-country moves and many life changes. He's always prepared our returns promptly and thoroughly, and has responded to any question I've had--whether in tax season or not--in short order. Highly recommended.
Ravind Grewal
Ravind Grewal
Steve has been working with our family as the CPA for years now. He’s extremely knowledgeable, trustworthy and flat out good at his job. As long as Steve is in business, I won’t go to anyone else. Highly recommend.
Pat Gonabe
Pat Gonabe
Steve has proven to be extremely helpful and professional throughout the years. Members of our family with varying financial needs continue to be well served by his firm. Steve and his staff are attentive and responsive to our needs, and we remain highly satisfied and confident in their services. We highly recommend him without reservation!
Benny Castillo
Benny Castillo
Steven has been doing our taxes for over 20 years. He is excellent and we are always very satisfied with the services and the fees. I have recommended him to family and friends, who are also very satisfied. He is an excellent account, extremely knowledgeable and very kind. As his business has grown we have dealt with his staff who are also excellent and very friendly. You won't find a better accounting service anywhere. I highly recommend him.
Lisa F
Lisa F
Steven Lissner & Company is a wonderful firm. I have been using them since 2017 and I've never even met them in person! They respect that I'm a busy working mom and they do everything they can to make sure I get a return, that I get it fast and that I don't have to go out of my way to work with them. They provide extremely professional and helpful service and their staff is kind and responsive. They have a team that's large enough and specialized enough to answer all my questions and help me when I need it. My favorite part is that, after years of struggling with a bad accounting firm that had me owing the IRS for years, Lissner helped me get organized so that I get a return every year since I've been working with them. I can't say enough good things about this firm - They have had such a helpful impact on my life!
Elizabeth Geary-Archer
Elizabeth Geary-Archer
Steven and his staff have been the easiest group to work with over the past three years I have been working with them. From the first email I receive at the start of tax season, until the last, they have kept me informed as to what is needed, any issues, and when the returns have been filed. I highly recommend Steve's firm for all your accounting needs.
Andrew Fischbach
Andrew Fischbach
I think Steve is terrific: He's professional, extremely knowledgeable and well informed about all matters with which he deals, and quick to respond to any questions that I have had. My husband feels likewise. Throughout the years, I have also found Steve to be very personable, cheery, and an all around lovely person. I'm very happy to have found him and his firm.
Tamara Colloff-Bennett
Tamara Colloff-Bennett
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Amazing accountant!! I was previously using an accountant who was doing wrong by me and Steven called it out for which I am extremely grateful. I'll be using him as my personal and business accountant from here on out.

Joseph Petra
Valued Client
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Steven Lissner & Company is a rare find... They're extremely knowledgeable, friendly, and helpful!! I highly recommend Steven Lissner and his great team for anyone looking for fair and honest accounting services.

Faith Leuzarder
Valued Client
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Amazing accountant and a really experienced one! Gets things done in a timely manner and the communication is always clear and to the point. Great service either for personal or business taxes.

Bernardo marrufo
Valued Client
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female avatar 3

Steve was referred to us from a friend a few years ago. He has been amazing! He makes the process for both our personal and business so easy, and has given great advice that has saved us A LOT of money! I highly recommend them! Everyone I've sent to him says the same!

Amy Nicklaus
Valued Client
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male 3

Extremely knowledgeable and thorough, very fun to talk to too! We will be using Steve from this point going forward!

JR Fox
Valued Client
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333 Route 46 West Suite 206
Mountain Lakes, NJ 07046

(973) 917-4080

info@slnjcpa.com

Contact Us

Client Login

333 Route 46 West Suite 206
Mountain Lakes, NJ 07046

(973) 917-4080

info@slnjcpa.com

Contact Us

Client Login

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Essential Tax Prep Paperwork (973) 917-4080
Steven Lissner & Company logo, certified public accountant in Mountain Lakes, NJ
  • Home
  • About
  • Individuals
    • Services for Individuals
    • Tax Preparation & Planning
    • QuickBooks
    • Tax Strategies for Individuals
  • Businesses
    • Services for Businesses
    • Tax Preparation & Planning
    • QuickBooks
    • Tax Strategies for Business Owners
  • Services
  • Resources
    • Resources Overview
    • Business Strategies
    • Homeowners Insurance
    • Investment Strategies
    • Life Events
    • Tax Strategies for Business Owners
    • Tax Strategies for Individuals
  • Blog
  • Contact
  • Client Portal
Essential Tax Prep Paperwork (pdf)
(973) 917-4080