How Manufacturers Can Maximize their Wealth

If you own a business that manufactures a product, you may be wondering which options are available to maximize your wealth, optimizing your business structure, and minimizing your tax liability this year – and in the future. After all, by retaining more of your income, you’ll be able to reinvest in your business, leading to more growth and stability for you and your employees.

When exploring ways to limit your tax liability, consider these three questions:

Is your supply chain / purchasing arrangement set up to maximize available tax advantages?

Many business owners are simply not aware of all the tax advantages available to them. Manufacturing companies can be great candidates for certain tax incentives, such as those offered in the U.S. territory of Puerto Rico. It’s worthwhile to consider these incentives, as they can save your business ten’s of thousands of dollars each year. Learn more about tax incentives in Puerto Rico.

Is your procurement processes optimal?

Some businesses continue to do processes the same way they have done them since their inception, which might be great for consistency but not for the bottom line. As time goes by it is important to evaluate the impact of these processes on your income.  Efficiency in processes can increase your availability in lines of credit, reduce costs up to 82%, and increase fraud prevention by 60%. TLS can assist your business in eliminating inefficient impacts to your wealth and income taxes.

Is your company setting itself up for success not just in 2018, but for years to come?

Tax planning may not be at the forefront of everyone’s mind, but it can do so much for your business. A proactive, strategic plan can help you save more money in the long run. As a business owner, you have every right to explore all of the options available to you. As Federal Judge Learned Hand said, “In America, there are two tax systems: one for the informed and one for the uninformed. Both are legal”.

We know that you have a lot on your plate. Tax planning may not be high on your priority list, or maybe you just don’t know where to start. We recommend you start with a complimentary analysis of your tax situation by TLS. It’s our mission to help you create a plan that will maximize your wealth so you can build a more secure future. If you’d like to learn more about your options, please get in touch with us for a complimentary analysis!