Advanced tax planning

We apply Advanced Tax Planning strategies, applicable for business owners only, to reduce annual taxes paid. More than 30 strategies could apply, and each tax plan varies based on the client’s situation and goals. Even better, our approach helps families maintain their current lifestyle.

While nearly every tax preparer knows the basic tax deductions such as mileage, a home office or mortgage interest, we go beyond that. We take those and then look at how to make your business work for you and your family.

We evaluate every option from your business entity type and retirement options to your payroll and reimbursement vehicles. We may advise clients to create a 401(k) or pension plan for retirement or to convert from an LLC to an S-Corporation to reduce self-employment taxes. For entrepreneurs with children, we may discuss why and how you can employ your children in the business or create an education assistance plan.

We follow the tax laws and regulations at a Federal level as well as applicable options at the state and local level to help craft the strongest strategy to help our clients reduce their tax liability. We can work with clients throughout the United States and partner with highly trained and knowledgeable financial professionals to help make our strategies a reality for your family.

Does this approach hold true for everyone?

If you own a business, we can probably identify ways to reduce your taxes. The one key consideration is that you are a business owner in some way or fashion. Overall, we have seen savings range from approximately 20% to more than 65% with our clients. Each client situation is different, so our results vary, as you would expect.

In terms of characteristics that fit most of our clients, you will find:

• One or Few Owners
  Typically, our clients are the sole business owner, a husband-wife joint ownership, or family ownership format. While the techniques are applicable with multiple business owners, it requires all owners to agree. Additionally, the strategies will vary depending on the business owner’s exit strategy plans and timeline. Most have been in business at least five years and are at least five years away from any exit plans.

• Adjusted Gross Income/Revenue
  While our strategies are applicable for most income levels, the percent of savings may vary. We tend to achieve the greatest percent of tax savings with clients who operate with adjusted gross incomes ranging from $200,000 to more than $3 million, or a business with annual revenues from $250,000 to about $7 million.

• All Industries
  Our clients own businesses ranging from construction companies, medical professionals and auto repair shops, to professional services businesses, such as consultants, engineers and attorneys. And most of our clients employ fewer than 20 staff to support their enterprise.

• All States
  As our tax planning strategies follow Federal regulations, we can work with and serve clients anywhere in the United States. For clients residing in states with high state income tax rates (i.e. California, Iowa, New Jersey, Minnesota or Oregon), these tax reduction strategies are especially valuable.