Tax Planning & Preparation

Tax Account Pro  /   Tax Planning & Preparation

A professional tax planner will eliminate errors or misstatements that tend to happen due to a lack of experience or a misunderstanding of the tax process. Good tax planning is about more than just preparing an annual tax return. It’s a time-consuming process that requires a high level of knowledge in federal, state, and local tax law.

 

Our team of professionals can prepare federal and state income tax returns for individuals and businesses, not-for-profit organizations, estates, and trusts. Get tax saving strategies to minimize your tax burden.

KEY TAKEAWAYS-

1. Tax Planning & Preparation is the analysis of finances from a tax perspective, to ensure maximum tax efficiency.
2. Considerations of tax Planning & Preparation include timing of income, size, the timing of purchases, and planning for expenditures.
3. Tax Planning & Preparation strategies can include saving for retirement in an IRA or engaging in tax gain-loss harvesting.

 

 We believe that businesses and individuals can greatly benefit from tax planning to help avoid unnecessary future tax liability. Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. 

TYPES OF TAX PLANNING – 

There are a few different types of tax planning that are useful for individual people, companies, and organizations. Some tax plans include; short term tax plans, long term tax plans, permissive tax plans. The short term planning allows you to reduce taxes at the end of the income year. Long term plans allow you to plan at the end of the beginning or end of the year, permissive tax plans are permissible under different law provisions.

C Corp

A C corporation (or C-corp) is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. ...

S Corp

S corporations do not pay any income taxes. Instead, the corporation’s income and losses are divided among and passed through to its shareholders. ...

LLC

A limited liability company (LLC) is a business entity structure in which owners aren’t personally liable for the business’s debts and obligations. LLC are treated ...

Sole Proprietorship

Sole proprietor ships are subject to pass-through taxation, meaning the business owner reports income or loss from their business on their personal tax return ...

Individulas

Life can be full of surprises. Unexpected events and changes often result in individual tax preparation consequences. Tax Account Pro accountants can help ...