Tax Planning is an important component to a business’ overall financial plan. Ignoring this crucial money-saving avenue can cost a business. Through tax planning, business owners are able to explore potential options and strategies available in order to minimize—or possibly even eliminate—taxes. For owners, there are deductions, credits, as well as provisions with the tax code which can greatly benefit a business. Tax professionals can assist business owners by helping them identify which opportunities are best suited for their needs. By implementing a tax planning strategy that best suits your business, the sooner you can begin to see the benefits.

Tax Planning (Income Tax)

Pitfalls of No Tax Planning Strategy

Tax planning should not be confused with tax preparation—it’s an ongoing and year-long process. This method is anticipatory rather than reactionary. And while you can expect to reap the benefits of careful strategic planning, a strategy can also help to mitigate and avoid common business ownership mistakes such as:

tax planning

    • Failure to properly report all income generated by the business
    • Claiming unverified or improper deductions
    • Facing accounting issues such as discrepancies or insufficient records
    • Accidentally filing incorrect forms
    • Deadlines missed
    • Operating under the wrong business structure

Misinterpretations and misunderstandings, as well as missed opportunities can result in paying more in taxes than necessary—or potentially facing fines or other problems. 

How Professionals Can Help?

Tax planning goes beyond reducing the taxable income of your business. Our advisors take a comprehensive approach to an owner’s tax planning strategy such as:

    • Review business structure
    • Analyze and review assets and projected earnings
    • Seek avenues for lowering tax rate
    • Adjust time table for when taxes must be paid
    • Claim all available tax credits

Tax laws can be complicated and obscure, and as a business owner, having the support of tax professionals who can help navigate you is essential. Implementing a tax planning strategy that’s right for you and your business will allow you to reach the financial goals you’ve set out to achieve.

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