All businesses have to start somewhere and they rarely start at the top. While the road to success can be a daunting one, there are plenty of things that can be done to ease the experience along the way. I can show you how to form your business, how to make win-win contracts, and how to sell your business with the best possible tax outcome. I am likely to be the only tax and legal professional you’ll need.

First, I can show you how to make your contract negotiations “win-win” using a confidentiality provision. Second, you can transform a charitable deduction into a business deduction in order to maximize tax savings. Third, did you know that if your business is a corporation, contrary to popular belief, you can sometimes save taxes by paying yourself dividends instead of salary!

Confidentiality provision.  As a business, you must have legal relationships. This means contracts. As a general counsel for many years, I learned to make these relationships win-win, for both parties. Do you know when you need a confidentiality provision? This provision can allow you to share information with third parties when working out a deal without fear that it will be misused. If your provision is well drafted, it can protect you without scaring off the other party.

Maximize tax benefit from charitable contributions. The IRS has recently ruled that a retailer that advertises that it will pay a percentage of its sales proceeds to charities can deduct its contributions as business expenses, as long as it reasonably expects to get a financial return in the form of greater sales. A business deduction can lower your self-employment income, saving more taxes.

My advice: If you suspect that your contribution may qualify, call me at (901) 507-4274. I can help you identify deductions that qualify and maintain proof of them.

Retirement plans. It can be a great thing to contribute to a retirement plan, but some of the best, like 401(k)’s must be formed before year end.

Is it a slow year for your corporation but you have income from other sources? If the corporation pays you dividends instead of salary, it can’t deduct them, but it avoids payroll taxes. You, as a stockholder may pay a lower tax on qualified dividends than you would on salary.

My advice: To see if this will work, give me a call.

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