Oaks Financial Services
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Free tool · For business owners

The Business Owner Tax Leak Audit

Twelve questions that show where tax may be leaking out of you and your business. They cover the retirement plan you use, how you pay yourself, the benefits the business provides, year-end timing, and the tax on an eventual sale. Built for business owners, whatever the size of the business.

This is an educational self-check, not personalized advice. Your answers stay on your device: nothing is stored or sent anywhere unless you choose to email yourself a copy at the end.

0 of 12 answered

Section 1: Your Retirement Plan

1) Does your business have a retirement plan chosen for its size and goals?

2) Are you putting in as much as your plan allows, including the employer contribution for yourself?

3) If you have employees, is your plan designed so you can save the most possible while staying fair to them (for example, a safe-harbor 401(k))?

Section 2: How You Pay Yourself

4) Have you and your CPA reviewed how you pay yourself (salary vs distributions, or how the business is taxed) in the last two years?

5) If family members work in the business, are they paid in a way that makes sense for taxes?

Section 3: Benefits Through the Business

6) Are your own health insurance and any HSA set up through the business in the most tax-efficient way?

7) Does the business provide benefits that are deductible for it and valuable to you and your key people (life, disability, executive bonus, Kai-Zen)?

Section 4: Timing & Year-End

8) Do you plan the timing of large purchases (equipment, vehicles) with your CPA before year end?

9) Do you know roughly what you'll owe before the year ends, not just when you file?

Section 5: Selling or Passing the Business

10) If you sold the business tomorrow, do you know roughly what the tax bill would be?

11) Is your exit (a sale, or passing it to family) set up to reduce the tax on it?

Section 6: Overall Tax Planning

12) Do your financial advisor and CPA plan together, years ahead, for both you and the business?