Tax Planning & Preparation
All individuals and business owners want to minimize their tax expenses, but not everyone can do it on their own. Usually, not everyone wants or is able to spend the time and energy to invest in researching and structuring their affairs to optimize their tax obligations. Throughout the years that we’ve been consulting both individuals and businesses on tax planning and preparation, we’ve developed a thorough approach to tax planning.
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This means focusing on the following key elements:
♦ Developing a tax strategy – Since each business, shareholder, family, and entrepreneur has unique financial and strategical situations and objectives, we must develop an equally unique planning strategy based on specific individual and business goals.
♦ Implementing the appropriate management – Assembling a plan is only one step in a tax planning strategy; you need the proper tools and support to operate, track, process and follow through.
♦ Monitoring and altering – No plan is static. As your needs evolve, so should your tax strategies.
There are several key points we see on a regular basis when providing tax strategy, planning, and ongoing tax support. This includes:
Initial tax structures must have sufficient flexibility to accommodate any unplanned changes such as economic downturns, family changes, and unexpected business opportunities.
An initial plan that works for one set of circumstances can be costly to change for new situations or even create unnecessary and unexpected tax liabilities.
Tax legislation can be unclear and many laws change on an annual basis. All tax plans involve a certain amount of risk so it is critical that individuals and business owners keep their unique risk levels.
Optimizing tax function is an important objective for every household and every organization – no matter how big or small. A proactive approach to developing a tax strategy will prepare you to reach your long-term success goals.