The tax code is largely written for business. Owners get levers employees never see — and every lever below is legal, established, and routinely left unpulled. This is the checklist we walk through with every owner client (see also our Tax Planning service).
The levers
- The S-corporation election — splitting income between salary and distributions can save five figures of self-employment tax annually. The salary must be reasonable; the analysis is ours.
- Retirement plans that fit owners — SEP, SIMPLE, solo 401(k), and defined-benefit plans that can shelter very large amounts for older, high-earning owners.
- Hiring your family — legitimately employing children and spouses converts household spending into deductible payroll, with dramatic bracket arbitrage.
- Depreciation timing — Section 179 and bonus depreciation: taking write-offs when they're worth most, not just when they happen.
- The home office, done right — a legitimate deduction with a bad reputation; documentation is the whole game.
- Accountable plans — reimbursing yourself for business use of personal assets, tax-free to you, deductible to the company.
- Health strategy — self-employed health insurance, HSAs, and (for the right small firms) reimbursement arrangements.
- Timing income and expenses — the year-end lever: when a December decision beats an April regret.
Count how many of these you're using. If the answer is fewer than four, a planning conversation will very likely pay for itself many times over. It's free to find out.