By making tax planning part of our clients’ overall business, personal, and retirement strategy, we can often help them minimize their tax liabilities. As things change in your business and in your life, we help you focus on your tax planning accordingly.
What is tax planning?
Tax planning is the key to using available tax strategies to reduce or postpone your tax liability legally. The more money you make, the more critical tax planning becomes. The tax code is complex and complicated — it is 70,000+ pages long and includes statutory code, regulations, and rulings that we accountants have to know. Therefore, planning for you means that we help you take advantage of the tax law provisions (about which we have to stay current), accelerating tax credits and deductions, and pre-planning applicable transactions with taxes in mind, whether it be for your business or your personal tax returns.
Common tax saving strategies
- Timing of income, expenses, and asset acquisitions for both your company and family’s tax effects
- Retirement plans that you set up for your employees if you own your business, and for which you make maximum allowable contributions to these plans
- Section 529 plans (a tax-advantaged savings plan designed to encourage saving for future college costs)
- Estate planning for end-of-life decisions so that your heirs are protected from unnecessary taxes
Businesses have tax planning considerations each year including 1099 Reporting, highlighted in our recent blog:
If you would like to receive more information about our tax planning service, contact us today.