Tax Shelter

[JT2307]

I have quite a few clients - that have now established their businesses - retail - and need no improvements or equipment - loans almost paid off - so write offs are at a minimum ending in healthy taxable bottom lines.
They are asking me what to do - how do they reduce their tax liability.
Are there any good resources that I can refer to? Looking for something in addition to putting money in their retirement account.
Any recommendations would be appreciated.

Thank you.

[Lion]

What biz entity?

[JT2307]

They are 1120 S

[RWG1950]

Your post is just a little bit open ended.
Are they looking for a way to lower their net taxable employment income or are they interested
in some sort of tax advantaged investment "in addition to putting money in their retirement account" ?

[JT2307]

They are looking to reduce their net taxable income - not looking to invest in another venture - just reducing tax liability for the current.

[TAXNJ]

see if any suggestions in link below can be recommended to consider:

https://www.whitecoatinvestor.com/10-ways-to-slash-s-corp-taxes/

[ATSMAN]

I have quite a few clients - that have now established their businesses - retail - and need no improvements or equipment - loans almost paid off - so write offs are at a minimum ending in healthy taxable bottom lines.
They are asking me what to do - how do they reduce their tax liability.
Are there any good resources that I can refer to? Looking for something in addition to putting money in their retirement account.
Any recommendations would be appreciated.

Thank you.

I have 2 or 3 clients in similar financial situation where they have excess cash and no real need to invest in new equipment. Two of them started a fully funded Defined Benefit plan because the owners and their spouses, children (involved in the business) are employees and if I recall one of them is putting away over $120K a year in retirement. You can't put away so much with Defined Contribution plans. If the owners are older (over 55), have them check into that through a qualified retirement specialist.

[JT2307]

Thank you for the suggestions -