Louisville, KY Tax Planning & Minimization Strategies: Accounting Service Update

Local businesses looking to improve their bottom line will be able to maximize deductions, take advantage of tax credits, and manage their income and expenses to reduce tax liability with the new optimization strategies offered by Associates in Accounting for 2025. The firm encourages prospective clients to reach out at the beginning of the year to ensure well-organized financial records are maintained throughout the accounting period.

More information is available at https://associatesinaccountingcpa.com/

Associates in Accounting highlights the four key areas it will review for each client to identify opportunities for savings. First of all, they will advise the company on the right business structure. For example, choosing an S Corp may help the owner avoid paying self-employment tax on some income. In contrast, C Corps benefit from a flat 21% corporate tax rate and profit reinvestment opportunities.

The accountants will also review the owner’s compensation to determine the lowest reasonable payroll while considering personal income needs and retirement planning.

Associates in Accounting explains that many business owners overlook tax deductions, therefore, a thorough review of expenses is essential for effective tax planning. The team lists some commonly missed deductions, such as office supplies, car expenses, and previously purchased personal items used for business.

To ensure that each client takes advantage of the most effective tax reduction opportunities, the firm maintains and constantly updates a database of common strategies.

“We have hundreds of strategies available,” says Rick Fields, Associates in Accounting’s CEO. “For example, a very common strategy is to put money into a retirement account to gain a tax deduction. Another client might want to pursue purchase of a vehicle or piece of equipment in a particular year to reduce the tax liability. These and many other strategies should be considered and explored with clients to minimize their tax liability.”

With its experienced team of accountants and CPAs, Associates In Accounting has been helping local businesses of all sizes since 1984. In addition to tax planning and preparation, the firm also offers bookkeeping, financial statement preparation, payroll services, retirement planning, and personal financial counseling.

Interested parties can learn more at https://associatesinaccountingcpa.com/

Associates in Accounting, CPA

9405 Mill Brook Road
Suite 102
Louisville
Kentucky
40223
United States