Gone are the days of treating your CPA as a once-a-year, tax-season acquaintance. Small businesses will see greater earnings when they break free from that old mindset and invest in the groundwork for tax planning and business growth.
Samantha Santaniello and her sister, Katherine, are Certified Public Accountants and partners at R.S.K. Tax & Consulting, L.L.C. They bring a wealth of knowledge and experience to their clients, specializing in tax planning, strategy, and compliance for small businesses and real estate investors with revenues of at least $500,000. The firm practices primarily in New York, New Jersey, Connecticut, and California.
Most of us have filed—or will soon file—our 2023 tax returns. Looking ahead to 2024, how can small business owners and investors prepare to make next year’s process easier while taking full advantage of every tax deduction possible? We spoke to Samantha to learn more.
R.S.K. Tax & Consulting is a tax strategist, not a tax preparation firm. What’s the difference?
As strategists, we work with our clients all year round rather than once a year to prepare and file taxes. We handle the bookkeeping, accounting, and tax planning to ensure that all financial records are correct. Our team can manage a company’s bookkeeping or work closely with a corporate bookkeeper. This provides a big picture of your tax situation and future obligations, enabling us to create an impactful strategy for your business. We’re the best friend of your business’s financial department!
What is the process of working with a new client?
First, we look at some of a business’s prior returns to advise them on tax strategies. We will focus on a year-end tax plan to take advantage of within that same calendar year. Then, we will see where you can reduce expenses, increase income, and incorporate tax planning. It’s a lot of work in the beginning, but once we get that structure in place and gather the needed information, it becomes a smooth process because we are in constant communication with our clients.
You mention constant communication with clients—how do you achieve that?
The most important thing is to have a close relationship with the client through transparent communication. Our business is built on relationships. We talk to our clients monthly or quarterly so that we understand everything that is going on within the company. Our weekly newsletters also teach our clients about the latest tax news and tips.
We see ourselves as your business’s general contractors. We work with financial advisors, legal counsel, payroll, and other professionals to make sure all functions work together seamlessly, and we will field all client questions and get them the answers they need.
What is the long-term benefit of efficient financial management and tax planning?
The pandemic showed us that we have to be prepared for anything. My mission is to help small businesses understand the importance of planning. It’s the key to your success.
Planning helps businesses scale and grow. We work with our clients toward their goals and create a plan to make them happen.
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Top Ten Tax Write-Offs for Businesses
Make sure you have these deductions covered as you plan for next year’s tax season, and you’ll be well on your way. All of the points below must comply with IRS guidelines; however, they are good starting points in a conversation with your accountant.
1. Startup Costs
2. Taxes, Interest, Banking and Credit Card Fees, and Charitable Contributions
3. Wages and Payroll Taxes
4. Retirement Plan Contributions
5. Bad Debt
6. Home Office Expenses
7. Health Insurance
8. Education and Training
9. Marketing
10. Travel and Entertainment
Taking advantage of business tax deductions must be a priority--not just at tax time, but throughout the entire year. The money you save can be invested back into your company to grow the business.
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