Planning is the key to successfully and legally reduce your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.
Our tax planning services for businesses include:
1. Formation and start up
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Type of business entities.
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Tax considerations.
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Business plan.
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Working with start up business owners.
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Federal tax responsibilities.
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State and local sales taxes.
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Licenses.
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Facility alternatives.
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Risk management.
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Tax year restrictions by entity.
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Choosing a tax accounting method.
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Preparing a tax calendar.
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Setting up work paper files.
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Reviewing tax filings.
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Recordkeeping.
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Expenses incurred to form or start a business.
2. Personnel and compensation
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Hiring employees.
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Employment laws.
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General compensation considerations.
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Employee vs. Independent contractor.
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Incentives.
3. Financing
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Steps to obtain financing.
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Determining the Amount of Finance Needed.
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Preparing a Financial Proposal.
4. Fringe benefits
5. Retirement plans
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Plan requirements.
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Payroll deduction IRAs.
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Prohibited transactions.
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Retirement plan inflation adjusted amounts.
6. Travel, entertainment, home office, other
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Deductible travel expense.
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Recordkeeping for travel, meals and entertainment expenses.
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Deducting a home office.
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General deductions
7. Dealings with owner
8. Tax planning for C Corporation
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Dividends to shareholder.
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Tax planning with dividends.
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Corporation penalty taxes.
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Charitable contribution deduction.
9. Tax planning for S Corporation
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Number of shareholders limit.
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Tax penalties.
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Capitalization (capital contribution and shareholder loans).
10. Tax planning for Partnerships
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Partnerships distributions.
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Partnerships terminations.
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Tax penalties.
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Capitalization.
11. Sole Proprietors
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Proprietorship recordkeeping.
Other Services
