171 www. ReadMPM. com | www.MountPl easantMagaz i ne. com | www.MountPl easantPodcas t . com TIPS FOR BUSINESS OWNERS Take advantage of new provisions. “Ask your tax advisor if your business can pay state income taxes at the entity level to gain a benefit,” advised Baldwin. “This is a relatively new provision, and not all small businesses may be aware that taking advantage of this provision could benefit them on their taxes.” Mind Your Cash Now is the time for business owners to make sure they’re earning interest where they can. Investing extra cash, rather than holding onto it with no return on investment, can be a wise choice. Said Baldwin, “Your cash needs to make money for you in an inflationary environment.” According to the CPA., tax codes are too complex and confusing. With the IRS unlikely to demystify the process anytime soon, having a few tips can come in handy in the short-term. If you are facing any life changes: approaching retirement age, buying a home, dealing with estate planning or trying to capitalize on all the benefits available, engaging with a tax professional could likely save a lot of headaches and money down the road. Please note: all tips mentioned in this article are meant to be guideposts to bring up to your financial advisor. finances star Call Susan: 843-800-0921 TMG-CHARLESTON.COM Your 5- Mount Pleasant Real Estate Special ists
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