Tax Preparation & Planning
Behind every action is a consequence. In some instances, tax implications can drive an action or decision. Our goal is to help you achieve the desired results without the unwanted or unplanned tax consequences.
Save time and effort and take the worry out of taxes by letting us help you with your returns. Let our experts in individual, corporate and partnership taxation help you minimize your taxes and meet all your government (federal and state) reporting requirements. We have full electronic filing capabilities. We prepare all returns and can guide you through the entire transaction to avoid adverse tax consequences.
Tax planning is important for your personal, professional and financial growth. Careful planning throughout the course of the year can assist you in reducing the taxes you pay, as well as help you achieve your financial goals.
Tax planning is a process of looking at various tax options in order to determine whether, when, and how to conduct business and personal transactions so that taxes are eliminated or reduced. As an individual taxpayer, and as a business owner, you will often have the option of completing a taxable transaction by more than one method. The courts strongly back your right to choose the course of action that will result in the lowest legal tax liability.
There are countless tax planning strategies available, particularly if you own a small business. Some are aimed at your individual tax situation, some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the transaction to accomplish one or more of these often overlapping goals:
- Reducing the amount of taxable income
- Reducing your tax rate
- Controlling the time when the tax must be paid
- Claiming any available tax credits
- Controlling the effects of the Alternative Minimum Tax
- Avoiding the most common tax planning mistakes
- Retirement Plans
- Education Plans
- Flexible Spending Accounts and Transportation Savings Accounts
- Investing
- Tax Fraud
In order to plan effectively, you'll need to estimate your personal and business income for the next few years. This is necessary because many tax planning strategies will save tax dollars at one income level, but can create a larger tax bill at other income levels. You want to avoid having the "right" tax plan made "wrong" by erroneous income projections. Once you know what your approximate income will be, you can take the next step: estimating your tax bracket.
Tax planning should be guided by your overall financial goals and with your total financial plan. By implementing suitable strategies to lessen or modify current and future tax liabilities, you can improve your short and long-term objectives. For example, accurate projection of your income tax liabilities can help you determine the cash flow available to you in the coming year.
Keep in mind that tax laws are often complex and ever-changing. As a consequence, you should consult with a knowledgeable tax advisor or financial planner before making tax and investment decisions.