Minimizing Your Tax Burdens

In the ever-evolving landscape of tax laws and regulations, businesses strive to navigate the complexities while optimizing their tax position. The goal is clear: minimize tax burdens while ensuring compliance with reporting requirements. At Checked & Balanced Inc., we understand the challenges businesses face and offer customized solutions to help you achieve your tax optimization goals.

Key Tax Issues and Challenges:

To effectively minimize tax burdens, businesses need to address critical tax-related issues. Some of the key challenges we can assist you with include:

  1. Maximizing Qualified Business Income Deduction (QBID/199A): We help business owners fully leverage the 20% QBID to maximize tax savings and take advantage of this valuable deduction.
  2. Excess Business Loss Limitations: Our experts assist noncorporate taxpayers in determining if they are subject to excess business loss limitations and provide strategies to mitigate their impact.
  3. Navigating Changes in Net Operating Loss (NOL) Carryback Rules: With the elimination of NOL carrybacks, we guide taxpayers through the consequences and develop new strategies to optimize tax outcomes.
  4. Fringe Benefit Deductions: We help businesses plan and account for changes in fringe benefit deductions, such as entertainment and transportation benefits, moving expenses, and achievement awards, ensuring compliance while maximizing deductions.
  5. Depreciation and Expensing Strategies: Our team evaluates your business’s eligibility for favorable depreciation and expensing options, enabling you to maximize deductions and optimize cash flow.
  6. Entity Structure Analysis: We assess the advantages of changing your entity structure and provide guidance on implementation, considering factors such as tax implications, liability protection, and operational efficiency.
  7. Favorable Accounting Methods: We evaluate if utilizing more favorable accounting methods can provide tax advantages for your business, helping you optimize cash flow and minimize tax liabilities.
  8. Business Interest Expense Deductions: Our experts analyze the deductibility of business interest expenses and provide strategies to maximize deductions within the framework of tax regulations.

Comprehensive Tax Solutions:

At Checked & Balanced Inc., we go beyond tax return consultation, planning, and preparation. Our tailored tax solutions encompass a wide range of services to address your specific needs, including:

  • Choice of Entity Planning/Analysis: We analyze the pros and cons of different entity structures, helping you choose the most advantageous option based on your business goals and tax considerations.
  • Compensation and Benefits Analysis: Our experts assess your compensation and benefits strategies to ensure tax efficiency while attracting and retaining top talent.
  • Cost Segregation Studies: We conduct thorough cost segregation studies to identify accelerated depreciation opportunities, optimizing your tax deductions and cash flow.
  • Federal, State, and Local Tax Planning: Our team develops comprehensive tax planning strategies at the federal, state, and local levels, considering relevant regulations and incentives to minimize your overall tax burden.
  • IRS and State Tax Audit Representation: We provide representation and guidance throughout IRS, state income, and sales tax audits, ensuring your interests are protected and favorable outcomes are achieved.
  • Merger and Acquisition Services: Our specialists assist you in navigating the complex tax implications of mergers and acquisitions, ensuring tax efficiency and compliance during the transaction process.
  • Multi-State Tax Compliance and Planning: We help businesses operating in multiple states navigate the intricacies of multi-state tax compliance and develop strategies to optimize their tax position.
  • Research and Development Tax Credits: Our team identifies and maximizes research and development tax credits, providing valuable tax savings for businesses engaged in qualified activities.
  • Sales and Local Taxation (SALT): We assist with sales and local tax planning, compliance, and dispute resolution, ensuring you meet your tax obligations while minimizing liabilities.
  • Tax Accounting Methods: We evaluate your tax accounting methods to determine if changes can be made to optimize tax outcomes and cash flow.
  • Transactional