Don't Miss Out on Powerful Tax Saving Strategies
Written By Jackson Frazier, Senior Tax Preparer at BEC CFO & CPA
Over the past 8 weeks, we’ve shared strategies that can create meaningful tax savings by turning everyday expenses into deductions. With the right structure, you can reduce your tax bill using dollars you’re already spending. These aren’t complicated maneuvers—just proven, practical steps that can make a real difference for your family and business.
A key foundation is setting up a Family Office. This straightforward structure oversees all of your business operations and acts as the hub for your tax planning. It allows you to pay your children for legitimate work, administer a Section 105 HRA to cover medical expenses (if eligible), and makes it seamless to implement other strategies like the Augusta Rule. By running these activities through one centralized “family hub,” you simplify the process while keeping everything organized and defensible.
From there, strategies like the Augusta Rule (renting your home to your business for up to 14 days, tax-free), Home Office deductions (capturing expenses for space you already use), business vehicle deductions (for both mileage and actual expenses), and the PTE election (shifting state income tax from a personal to a deductible business expense) can compound the savings. Each one is powerful on its own, but together, they can add up to significant reductions in your taxable income.
So, the question is: are you implementing these strategies? If not, what’s holding you back? Do you need more clarity to make an informed decision, or help with the mechanics of getting started? If this describes it to you, please reach out to BEC's Tax Strategists, Kaden Hackney and Jackson Frazier. Our team is here to walk you through every step and make sure you aren’t leaving savings behind. And remember—this isn’t just about solving today’s tax challenges. It's ultimately about building a foundation of wealth and opportunity for your children and grandchildren.
Additionally, here is a link to a concise implementation guideline: Tax Strategy Implementation Checklist. We recommend that you download this checklist and cross out the items as you work through them. If you have any questions, please ask, we're very happy to help.
If we haven't met you on a Tax Planning call this Summer, reach out to our team to schedule so we can discuss these strategies and concepts further.
Let’s connect today to put these strategies in motion—for today, and for the next generation.