Income tax planning is essential for most businesses and for individuals with a substantial income.Careful tax planning is absolutely critical to avoid year-end tax surprises. Most people never think about tax planning during the year and they don’t consider the tax implications of the things they do. We have found that a concerted effort directed at tax planning during the year usually pays off in tax savings.
Tax planning is especially important if you are establishing a new business. The type of entity that you select can be one of the most important decisions a new business will make. It’s important to decide what your long-term business goals are so that proper steps can be taken at inception to get your business started in the right direction.
Tax planning is even more critical for the individual who is self-employed. Self-employment taxes are usually not given much consideration. Ignoring the implications of self-employment taxes can create severe financial hardships for the uninformed.
The MOST important reason for tax planning is simple…to reduce your tax liability. By minimizing tax liabilities, we increase our clients’ profitability and cash flow. Whether you’re a large or small, established business or you’re a start-up, we will find the best possible tax strategies for reducing your tax liability within the limits of the law.