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HOW WE SAVE YOU TAXES

Most often tax planning is a matter of adjusting the timing or the methods by which a taxpayer reports his or her income. We help you plan events so that income is taxed at the lowest rates possible and expenses deducted when income is the highest. Understanding the tax laws helps us do this legally and with minimum effort.

But understanding your entire financial situation is the real key to saving you taxes. That’s why we are always on the alert regarding the client’s overall financial condition. A careful assessment of a person’s financial picture can lead to years of lower taxes in the future.

Our mission is to help clients achieve financial success by giving them the best tax and financial advice available.
Always on Tax Alert!

Tax Planning

Tax planning is looking at all the options in order to decide how to structure business and personal transactions so that your taxes are reduced or eliminated. Many tax payers ignore forward planning until they meet with their CPA to have their taxes filed. That’s a mistake. Tax planning is a year round process. You should talk with your accountant at minimum quarterly to analyze the provisions in the Tax Code that can save you taxes.

Strategies

There are many tax strategies available to individuals and small business owners. Some are related to the owner’s individual tax status, others are related to the business itself. Regardless of how reductions are achieved tax planning strategies usually include several of the following:

  • Reducing the amount of income subject to tax
  • Achieving a lower tax rate
  • Timing when taxes must be paid
  • Using available tax credits
  • Avoiding the Alternative Minimum Tax
  • Utilizing unique and little known legal tax strategies

LONG TERM SAVINGS

To be effective, your tax strategy must take into account your personal and business income for several years in the future. This is because some strategies will save taxes today but create a larger tax bill down the road when your income has increased. Some financial gurus refer to this as the ‘ghost income’ issue. You want to avoid using a tax plan that gives you headaches later on. That’s why we are careful to review future implications of your current tax strategies.

After you have estimated future income you can estimate future taxes and determine how to cut them down to size. The Internal Revenue Code is a wealth of tax-saving strategies if you know where to look. Given the complexity of the code it takes seasoned tax professionals like the ones at NOT2TAXING to know where to look. Some of the key areas we specialize in are:

  • Business Entertainment Expenses
  • Business Automobile Deductions
  • Home Offices
  • Pension Plans
  • Health Insurance
  • Owner Compensation
  • Estate Planning
The Not2Taxing elite brigade ready to do battle with the IRS!