Tax Planning - Paying less taxes means planning more
Many people feel like their tax bill is too high. Maybe you do too. The good news is that it doesn’t have to be. At Lakeline Tax, we offer tax planning services at every stage.
Objectives of Tax Planning
Financial Soundness
Please note that the best tax planning of an individual or a business is the ultimate testament to its monetary stability and accounting profits.
Avoid Tax audits
Appropriate tax planning certainly assists in avoiding the IRS tax litigations, audits and notices.
Minimal Tax Burden
Tax planning undoubtedly lets you take advantage of the legally available tax benefits, exemptions, and deductions. In addition, it helps to organize the business operations as per their tax decisions. As a result, it saves the maximum capital amount from being included in the tax liabilities.
Profitable Investment
Tax planning helps to minimize the tax liabilities and transfer the tax savings to a profitable channel. Consequently, this assists in smart investments with optimum utilization of the available resources.
Three types of Tax Planning
Purposive: It indicates the planning of taxes with a specific aim.
Permissive: This type of tax analysis is performed as per the regulations of the nation’s taxation laws.
Long-Range And Short-Range: Here, long and short-range tax planning for retirement is conceptualized at the beginning and end of a financial year, respectively.
To value your time and Our time, we charge a small fee for the tax planning consultation appointment which will be adjusted towards the final invoice.
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Our Tax planning strategies include:
- Making contributions to a deductible retirement plan.
- Planning for stock options.
- Deferring income tax liabilities.
- Maximizing health savings account (HSA) contributions.
- Making charitable donations.
For many of us, income taxes are the biggest single expense that we have in our lives yet we don’t make an intentional effort to legally cut our tax bill. We might try to get good deals on clothing items, etc. but we don’t think about how to legally slash our tax bill. Our business is different in that we concentrate and work only with small business owners to provide tax planning services. Our accounting firm specializes in helping your business maximize profits and pay the least amount of taxes legally possible. We also pay close attention to asset protection and we can help with incorporations and entity restructuring services.
To minimize your taxes; you need a plan. You need concepts and strategies that leave more on your bottom line, without raising “red flags” or straying into “gray areas.” To learn more about Tax Planning strategies click here..
Most accountants do a fine job recording history – the history you give them! They compile monthly, quarterly, and annual books and records. At tax time: they put the “right” numbers in the right boxes on the right forms, and file them by the right deadlines. But then they call it a day.
It doesn’t matter how good your current accountant is with a stack of receipts on April 15. If you haven’t planned right, by April 15 it’s just too late.
Have you organized your business right? Do you have the right benefit plans for yourself and your employees? Do you have the right retirement plan to prepare for your future. Are you taking advantage of all the legitimate deductions, credits, loopholes, and strategies the tax code offers?
At tax time, your books tell your accountant how much tax you owe. You scramble for more receipts and more deductions. But by tax time, it’s usually too late to do anything more. Is that all you really want?
Proactive Tax planning is the key to managing small business tax liabilities including savings plans such as 529 college savings plans, or a Roth IRAs to reduce future taxes as well as defer them. Additionally we work with all investment types such as HSAs, 403(b)s, IRAs, and 401(k)s to ensure you pay the lowest taxes possible while still enjoying the benefits that come with investing. Start planning your tax strategy today by working with our highly experienced tax planning professionals.
Our Tax Planning services include:
- Consider the tax benefits of incorporating – entity formation (LLC, S-Corp, C-Corp)
- Consultations to help you lower your effective tax rate by accelerating deductions and deferring income
- Reduce your taxes and keep more of what you make
- Investment Goals – These can be a big help to you by calculating what investments you need to in order to maximize, and boost your investment returns. While they help make the most of your finances, they decrease the risks you’re taking, and ensure that you meet your goals.
- Savings For Retirement – Most people value their retirement. Lakeline tax services Tax & Accounting takes that into consideration, and evaluates your assets and sources of income. After doing this we find the best advice on how to save the most for you in your retirement stage.
- Protection – You never know when a tragedy is going to strike, and making sure that you have enough money saved in case of an emergency is important. Looking over insurance coverage, any disability you may have, and your health benefits, will help you to determine what you need to save, and how to make the most of your savings.
- Passing On Your Savings – Our goal is to increase the financial worth of your estate. We do this by looking into what risks we can minimize. We will single out the negative assets, and factor that into maximizing your estate. We save money by cutting down on the amount of estate taxes, lawyers, and creditors you have to pay for, because of the negative outcome it can have.
- Education – Examining your assets, and giving you strategies on how to avoid shortfalls, is something that Lakeline tax takes into account. We work to establish a savings plan, provide you with wealth strategies, and help you to save so that you’re able to pay for education costs.
Lakeline tax is dedicated to helping you make the most of your financial goals. By using tax strategies, we can help you to reduce any forthcoming taxes that you will have. We want to make sure you make the most of your investments, and get you on the right track to saving your money. Let us help you to invest in a better future.
Lakeline Tax provides tax preparation services for everyone including Individual Tax Preparation, Self-Employed Tax Return, Business Tax Preparation, Partnership & Corporate Taxes, Bookkeeping, and Tax Resolution. No matter what your needs require, you’ll benefit from our experience, expertise, and Friendly customer service.
Tax planning is a legal procedure of diminishing tax liabilities by optimally utilizing the tax rebates, deductions, and benefits. It assists the taxpayers in properly planning their annual budget and gaining maximum retirement savings. It has three types, namely, short and long-range, permissive, and purposive tax planning.
Tax planning is important because it confirms savings on taxes that, in turn, financially strengthen the taxpayers and also helps them easily pass on their inheritance to the beneficiaries. Also, it offers numerous advantages such as decreased litigation, lesser tax burden, assured national economic growth, and increased productivity. This lets them build their finances and level up their fiscal stature.
Tax planning is a legal approach to acquiring tax savings. The process is legalized as long as the taxpayers don’t intentionally choose tax avoidance or evasion. Moreover, this may include investment in long-term debt vehicles like municipal bonds, ELSS, mutual funds, PPF, etc.
Tax preparation is a service that helps you file your tax returns. The main goal is to make sure your tax reporting complies with both federal and state tax laws. Tax planning is a service that helps you optimize your tax situation before reporting.
For new businesses, implementing the right tax strategy at the outset can make all the difference in profitability later on, so we create short and long-term tax plans that encourage sustainable profitability and growth.
Lakeline Tax Professional tax preparers are trained to be compliance experts on tax laws. However, many advanced tax planning strategies require a deep understanding of other financial planning topics like investment planning, employment benefits optimization, insurance planning, retirement planning, business planning, and estate planning.
We will review your current structure and recommend any changes needed to increase profits. No matter what stage your business is in, we’ll be sure it’s positioned to take advantage of all tax deductions allowed under state and federal law. We watch for any revisions to tax legislation that might benefit our clients and make sure they take advantage of the savings they deserve. We guide our clients through tax planning and preparation decisions
with strategies that minimize tax liabilities, maximize cash flow and keep track of financial goals.
Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities within scope of the current tax laws.
Discover how Lakeline Tax can find significant tax savings for your business.