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Four Tax Planning Questions Successful Insurance Agents Ask

As tax season comes and goes, many insurance agents are wondering if they could have received better service from their tax accountant. Maybe you filed for an extension this year, but found it hard to get a call back from your accountant at times when you needed advice. Maybe you’re looking ahead to next tax season, and wondering what deductions and strategies you can take to minimize your taxes.

At The Accounting Office, we specialize in serving the insurance industry. We serve hundreds of insurance agent clients across the country, and provide comprehensive monthly bookkeeping, tax planning throughout the year and annual tax return preparation services. We manage your bookkeeping and taxes so that you can focus on what you do best -- growing your insurance practice.

We’ve been in business for 28 years. Here are questions we help ALL insurance agents answer at this time of the year, to plan for the 2020 tax season:

Am I using the best entity structure for my business?

  1. The year is rapidly coming to an end. Should you incorporate now or wait until 2021? The business structure (S-Corp, C-Corp, etc.) you choose influences everything from day-to-day operations and taxes. Selecting the correct structure is the single most important step to take when owning a small business. Doing this correctly can potentially save anywhere from $1,000 to $20,000 PER YEAR in taxes depending on your circumstances. We can lay out your options, offer our advice on which option is best suited for you to help you make the best decision. Education is key.

Have I paid in enough taxes throughout the year?

  1. Are you penalty proof?  Have you paid enough in taxes this year? Under the IRS Safe Harbor Rule, you are generally penalty proof if you pay 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year.  To avoid a penalty, you must pay any estimates on time and your total tax payments (estimates plus withholding) must satisfy one of these requirements. If you have failed to meet these requirements, there are strategic ways to avoid penalties if you act prior to year end.

Am I counting all of my tax-deductible expenses?

  1. Allowable tax deductions aren’t always as straightforward as you may think. Did you know that you can partially write off that coffee pot that you donated to the office? Did you know that you can write off your vacation? That you can write off part of your vehicle, even if the business doesn’t own it, through mileage expense? There are even ways to pay your minor children to lower your tax liability without creating a tax liability for them! The Accounting Office provides monthly bookkeeping and tax services to help agents reduce their tax liability throughout the year rather than waiting until the year is over and it is too late.

Do I have the best retirement plan for my business?

  1. Insurance agency owners must be strategic in retirement planning. There are many options to choose from depending on each person's circumstances, and all options need to be considered before nailing down a plan. The 401k is not the only way! Traditional IRAs, Roth IRAs, SIMPLE IRAs, and SEP IRAs are sometimes underutilized options. There are pros and cons for each, depending on your income, current tax rate, age, and employee retention goals. Even if you are a new agent, there are specific plans that you can start now that maximize cash flow in the early stages of your business. T.A.O.’s experienced professionals can guide you to the right plan for your business.

Since we know the insurance industry well, we don’t need to waste time and resources getting up to speed on the industry. We can hit the ground running to get you set up with affordable bookkeeping and tax services, so you can focus on serving your clients. Contact our experts at (248) 449-9600 or

Insurance Agents Love The Accounting Office!

"I have been in business for over 38 years. I have never had a company better than yours! Not just taxes and accounting, any services! You are all really the best! I love you guys!!"

- Doug S., Insurance Agency Owner

“I cannot express in words how much The Accounting Office and their team has helped me transform my business.   They know how to make you feel like the only person they work with.  if you are looking for a full service accounting firm, who genuinely looks to helping you as their client, look no further.  The Accounting Office is definitely the last accounting stop you'll need!

Daven P., Insurance Agency Owner

“I have had an outstanding experience with The Accounting Office since opening my business.  Their focus on small business, professionalism and knowledge base allow me to maximize how I run my business.  I would highly recommend working with this team!”

Brandon K., Insurance Agency Owner

“I have been with The Accounting Office for 9 years now and I would not be able to run my business without them. I suggest them to all insurance agent and small business owners. They have saved me way more money and stress than I pay them. Can’t recommend them enough.”

Jim D., Insurance Agency Owner

“If I could give them 10 stars, I would!  Everybody at this office is great!  They are extremely helpful and explain things in a way that even I can understand.  I never have to worry about my business or personal taxes getting messed up.  They give sound advice and are true professionals! I highly recommend seeing them for all your accounting needs.”

- Jared C., Insurance Agency Owner

“The whole team at The Accounting Office has been so helpful to our company.  They have experts on staff that are available to answer complicated accounting and tax questions, as well as keep the books organized.  We are so grateful we found such a reliable partner for our business.  Thank you!”

- David L., Insurance Agency Owner

"I’ve been with The Accounting Office since I opened up my Insurance Agency 4 years ago. I was new to owning a business and unsure of all of the things I needed to do from an accounting standpoint. ...They not only put my mind at ease, but helped me get my business set up properly. The Accounting Office makes my life easier by handling the behind the scenes monthly accounting, while allowing me to focus on high-value business activities. I have a personalized account manager who carefully monitors and services my account. I am very pleased with the entire team at The Accounting Office! I highly recommend their services to any new or seasoned business owner or individual!"

- Brian E., Insurance Agency Owner

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