As another year draws to an end, the chatter about taxes is already in the air. This time can be overwhelming and frustrating for individuals and businesses who already have a lot going. Tax planning can defuse the situation and offer relief to businesses by reducing liabilities and tax payable.
The key objective of tax planning is to ensure maximum tax efficiency, reduce tax liability and increase savings for a better future. In the end, you’re effectively paying yourself instead of funding government spending.
Tax planning can seem like a monumental task for individuals and small-medium-sized businesses, and honestly, it can be. That’s why it makes sense to work with professionals who specialize in tax planning strategies and can help identify ways to save income tax and enhance your savings.
Unless you’re a savvy tax professional yourself, navigating the +70,000 pages of the Tax Code and legal rulings governing the way courts lean towards previous outcomes, hiring a professional is advisable. Most accountants, and their firms, focus on keeping your company’s books in GAAP (Generally Accepted Accounting Principles) compliance and filing your year end tax return.
The reason why tax planning is seen as a complicated task is that there is more than one criterion to be considered. Effective tax planning comprises various considerations like size, the timing of income, timing of purchase and other expenditures. In addition to these basic considerations, one also needs to take into account the investments, tax filing status and deductions.
Our vision is to be “The New Age Of Accounting” – where our clients look at us as the tax expert in the room while we leave the accounting and tax prep to the accounting firms that do not have the time to fully dedicate themselves to our craft.
Tax planning plays an important role in the financial growth and wealth creation story of every individual. Paying taxes is a compulsory part of being an individual whose income falls within the income tax bracket and for businesses that meet the bracket too. Tax planning is crucial for businesses to achieve business-related goals.
With proper tax planning, an individual can reduce tax liability and expect decent-sized returns over a specific amount of time with minimum risks.
Tax planning is an extensive yet important part of planning your financial future and using the help of experts can save you time and money in the long run.
Time is of the essence when it comes to mindful tax planning. Most people put off this crucial aspect of wealth management towards the end of the year and while December is the conventional time to address taxes, it is smarter to do this sooner because there is not much to do about the fiscal year and that means some of your savings can be gone forever.
When planning taxes, experts may suggest time-tested strategies that may take time to implement. In such cases, it is smarter to get started sooner and take advantage of tax-saving tools and techniques.
In the past year, Weston Tax Associates has saved $42 Million in taxes with corporate tax planning strategies. Leverage the expertise of a domain expert and get ahead of your goals in time.