Whether you’re just beginning your new business journey or you’ve grown beyond the start-up stage, we can help you make the decisions to support your goals. From entity formation and foreign company registration to accounting and payroll support, we offer business support services for every stage of your growth.
Need to set up an LLC or S-Corp? We can help with that.
Whether you’re a small, medium, or large business who needs someone to manage all of your accounting and payroll functions, or a new business who needs help setting up their new accounting software…we can help.
Are you ready to take that first step toward financial independence & start your own business? We'll help you choose the best business structure for you and your business needs and then we'll handle the rest.
Our tax professional are experts in preparing taxes for businesses to ensure you get every credit and deduction. We’ll also help you make retirement, succession and estate plans to reduce your tax burden.
Setting up your organization so that it can legally conduct business is an important first step in starting your business. Whether you’re forming a Non-profit, a Corporation or a Limited Liability Company (LLC) the tax implications for your business and you as an individual vary dramatically.
In addition to the tax implications that your business structure will have, other important factors to consider are future growth plans and how you expect your business to operate.
Setting your business up properly from the beginning will set you and your business up for success.
The LLC business structure is suitable for most businesses because it provides the best protection for the assets of the owner while subjecting the business to the least amount of taxes. Though an LLC is simple and provides owners with flexibility when it comes to taxes, establishing your business as an LLC that files it's taxes as an S-Corp can provide significantly more tax savings. By filing as an S-Corp, owners have the option to significantly reduce the amount of Social Security taxes that they pay on their personal income. Depending on your income, this could add up to tens of thousands of dollars a year...or more.
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As a business owner who files their taxes as an S-corp, you're saving a lot of money each year by reducing your Social Security taxes. However, because your Social Security contributions are reduced, the amount of Social Security benefits that you can receive after you retire are greatly reduced. The solution is to invest the money that you would have contributed to Social Security into an IRA, 401k or other investment opportunity instead. With the volatility and uncertain future of Social Security, business owners often worry if Social Security will even be available when they retire. And if it is, will it be enough to support them financially.
The overwhelming consensus from financial professionals is that Social Security, alone, is not enough to support most individuals once they've reached retirement age. The average return on Social Security contributions has historically been about 2% and, depending on how much you're eligible for, the majority of those benefits will be taxed when you begin to receive them. On the other hand, a business 401k or IRA averages around an 18%* return, far more than that of Social Security. Once you retire and begin to withdraw on your retirement investment you can expect to pay little to no taxes, depending on the type of retirement account you set up. By investing your social security tax savings, you have more control over the performance and return of your investment. It's for this reason that many business owners choose to take their Social Security tax savings and invest it instead.
While this investment strategy is appealing to business owners who are just entering the workforce, it also benefits those who are looking forward to retirement within 10 years. With a 15%* increase in the rate of return on a retirement account over that of what you can expect from Social Security benefits, business owners can expect to have a better financial outcome. It's never too late to start investing and it may be in your best interest to stop relying on Social Security to financially take care of you after you've retired.
*Past performances are not an indication of future performances
Improve employee retention by offering them a full range of benefits including comprehensive medical, vision, dental, and ancillary coverages from United Healthcare, one of the nation's largest networks. With dozens of plans to choose from, your employees can pick the coverage that fits their needs.
Our benefits specialists will help you choose the insurance plans that meet your business needs while benefiting your employees.
EFS Financial is a specialist in group health, vision and dental plans. We may be able to save your small business money or improve your coverage. Ask us for details.
