Tax Planning

Planning is considered a necessary part of our lives.  Planning can come in the form of creating business and personal goals, writing a business or personal budget, or writing a business plan.  Another area in which planning is important, both from a business and personal perspective, is tax planning.

Tax planning is the key to successfully and legally reducing your tax liability.  We go beyond simply preparing your tax return and proactively recommend tax saving strategies to maximize your after-tax income.

We make it a priority to stay on top of current tax laws, passed and pending legislation in Congress and the state legislature, and new tax regulations by attending seminars, reading trade publications and staying current with various internet sources.

Our goal is to take a proactive approach so that our business and individual clients pay the lowest amount of taxes allowable by law.  We continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

We recommend Tax Saving Strategies that help you...

• grow and preserve assets by keeping Uncle Sam out of your pockets.
• defer income so you can keep your money now and pay less taxes later.
• reduce taxes on your income so you keep more of what you make.
• reduce taxes on your estate so your family keeps more of what you've made.
• reduce taxes on your gifts so you can give more.
• reduce taxes on your investments so you can grow your wealth faster.
• reduce taxes on your retirement distributions so you can retire in style.

In addition, there are Tax Saving Strategies that are available for specific industries including (but not limited to) manufacturing, professional service firms (i.e. doctors, law firms, architects, and engineers), technology companies, and real estate professionals.  We review these strategies with each business owner to make sure that they are applicable and that you understand the information needed to take advantage of the specific tax law.

Here's just a few of the Tax Saving Strategies we use...

• Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket

• Taking advantage of special rules such as bonus depreciation and Sec. 179 in the acquisition of fixed assets.

• Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.

• Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.

• Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.

• Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Remember, we work for you, not the government.  Through our advice and consultation our clients save many times their accounting and tax fees in reduced tax liability through careful planning and legitimate tax strategies.