Why Tax Planning?

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You spend an entire year making boatloads of money—why should you throw away any of it that you don’t have to? Setting up a solid tax plan will help you lower your tax burden by finding every single way to make sure you pay as little taxes as legally possible.

With our profit coaching programs, you’re not only guaranteed to make more money, but this also means you’ll have to pay more in taxes as well… unless you have an expert to help ease the burden. As a CPA, this is my specialty. Over the last five years alone, I’ve helped my clients save over $6.8 Million dollars in taxes, and I can do the same for you. 

Our profit coaching programs are complimented perfectly by our tax planning services—you’ll be maximizing your profits and minimizing your tax burden. All the more money for you and your business!

What Tax Planning Can Do for Your Business

Taxes can eat into your yearly profits in a big way. A comprehensive tax plan can not only leave you with more money to spend but also lay the groundwork to build further success down the road. As a primer, here are some basic benefits of tax planning, besides saving money:

Minimizing Litigation: Without a set tax plan, things can get complicated very quickly, and when it comes to dealing with tax collectors, you don’t want anything to get complicated. Having a set tax plan reduces the possibility of litigation, and more importantly, if litigation occurs, it decreases the likelihood of legal liabilities.

Optimal Utilization of Funds: Saving money via tax planning opens up opportunities to channel those funds into opportunities that generate even more income. In a sense, tax planning goes beyond saving money and allows for better resource optimization as a whole. In the business world, there’s no shortage of benefits to being able to do this.

Peace of Mind: Having a tax plan in place can not only ease your tax burden but ease your mind as well. A solid plan can leave you feeling comfortable and confident, leaving you extra time and energy to devote to both your professional and personal life.

Types of Tax Planning

While the main objective of tax planning is to simplify the process as a whole, there are different types of tax plans, each with its own unique set of benefits, and it’s best to have even a basic understanding of each of them. 

Here are a few types of tax plans and what they can do for you:

Short-Term Tax Planning: This is how most people handle their taxes. They do everything they need to do at the end of the fiscal year and have all of their forms ready by Tax Day. Of all tax plans, this is the most flexible, and you can still save considerably, but you may miss out on certain opportunities that require a more forward-thinking and long-term approach. 

Long-Term Tax Planning: Unlike short-term planning, long-term tax planning involves creating a tax plan at the beginning of the fiscal year, as opposed to the end. This can offer a greater sense of stability and allow you to take advantage of certain tax benefits early on, but requires patience and usually means less instant gratification around tax season. Regardless, the long-term benefits can be huge, so if this sounds like a plan you want to pursue for your business, talk to a CPA to help you get started today.

What Else Can Tax Planning Do for Me?

Beyond saving you boatloads of money, tax planning can bring you a much deeper understanding of your business. A deep dive into your tax plan will allow you to assess your business in ways you normally may not have considered. Since developing a tax plan involves looking into the very structure of your business, you’ll be able to get a sense of which elements are underdeveloped, which elements are working optimally, and how well the structure is (or isn’t) working. In a sense, tax planning allows you to examine the big picture, and at the end of the day, that’s what’s best for your business.

As briefly mentioned above, you can use the money you save from your tax plan to reinvest into other areas, pumping money that was earmarked for taxes back into your business and giving it room to grow and flourish. As a business owner, you want to use every possible opportunity you can get to grow and expand your business—after all, who doesn’t want to make more money?

Getting a head start on your taxes also means less stress when tax season comes by. Many business owners struggle when it comes to staying organized during those first two weeks of April. With a steady tax plan, you can achieve peace of mind, less stressful work, and ultimately give yourself more time to make big decisions about your taxes instead of rushing to do everything at the last minute. At the same time, this will help you increase your business knowledge, and give you a strengthened sense of confidence as you move forward in your career.

From there, tax planning also gives you considerable perspective to help you fine-tune strategies to optimize your business. Seeing what works and what doesn’t allow you to plan accordingly, and the information you get from a tax plan will be exactly what you need. Having a tax plan also allows you to optimize your superannuation strategies and make them as effective as possible.

If you want me to look over your previous tax returns for errors and see what else I can do for you, you can schedule a call with me here. Whether you’re a business owner or an employee, tax planning can save you thousands or possibly TENS of thousands of dollars. The $6.8 million I’ve saved for my clients over the last five years speaks for itself, and when you work with me during tax season, you won’t regret it.

If you want to get started on creating a tax plan or figure out what kind of tax plan will best serve your business, contact me today via phone, email, or my website, and I’ll help you get set up. Having a professional CPA to do your tax planning is guaranteed to help you ease your tax burden and plan for the future—plus, it’s much easier than trying to do it yourself. I’ve been an expert in tax planning for decades, and if you put your trust in me, I can make this your most profitable year ever.