Tax Planning 101
"The avoidance of taxes is the only intellectual pursuit that carries any reward." John Maynard Keynes (1883 - 1946)
InConcert Financial Group derives great satisfaction from helping our clients save on taxes. Our goal is to minimize the amount of taxes that you and your business pay. In other words, we work within tax rules and regulations to let you keep as much of your money as possible.
This article will focus on the importance and benefits of Tax Planning and will answer some frequently asked questions.
What is tax planning?
The purpose of tax planning is to minimize the potential tax burden for your business during the current year.
For example, we can review financial statements from the current year and look for fixed asset purchases. If there were any, we can utilize this information and apply the tax laws in your favor. Our findings could also be an opportunity to establish or contribute to a company retirement plan, pay bonuses, or "hold back billing".
When is the best time to Tax Plan my business?
The best time to get a tax plan is one month before the end of the calendar or fiscal year. This gives us a clear picture of how your business has done for the year, and it makes it easier to create estimates and projections.
Who is eligible for a Tax Plan?
Everyone is eligible. Your business can be a sole-proprietor, partnership, or corporation.
If I am profitable for the year, should I get a Tax Plan? What if I have a loss?
Whether you have a profit or a loss for the year, a Tax Plan could be very beneficial.
Can a Tax Plan be done on my personal taxes?
Yes, most definitely.
Please feel free to contact Rich Scarpa at (510) 235-1044 for additional information and to determine if we can mitigate your taxes.
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