Your Tax & Accounting Connection
Tax planning is particularly important for entrepreneurial professionals since they often have many business activities and lack the time necessary to focus on their internal accounting.
So how do you stay on top of your monthly accounting and long term tax planning strategy as a busy entrepreneurial professional?
We can help you meet this challenge by conducting ongoing tax planning for your business and implementing a system of accounting that ensures that all business transactions are recorded properly and that their tax implications are considered as they occur.
Our Tax Planning Process for Entrepreneurial Professionals
- Guide you through our Business Checkup/Diagnostic tool that will assess your tax and accounting health.
- Review of prior three years of tax returns, financial statements, and business records to identify missed opportunities.
- Update prior tax returns, financial statements, and/or business records to take advantage of opportunities identified.
- Tax Projection and Estimated Tax Planning
- Ongoing Advice as Business Occurs-Our partners will pay close attention to your business throughout the entire year-not just during tax season-to make sure your tax and accounting strategy is in sync with the operations of your business.
You will want to consult a professional if you have the following tax issues:
Increased Income Tax Liability
As your income grows, so does your tax bill. If you are not financially prepared for an increased tax liability and are unable to pay, this bill can quickly grow out of control through compounded penalties and interest. Eliminate the surprise of higher than expected tax liabilities and get prepared by contacting us for help in projecting the increased amount of taxes reSUlting from your rising income.
New Business Ventures
Since high net worth professionals are often presented with numerous appealing business opportunities, it is important to utilize all available resources in order to evaluate the potential of these types of deals. Put our talents as tax and accounting professionals to work for you when evaluating your next potential business venture. We can advise you on the complex and hot button IRS tax issues that accompany entering new areas of business.
Business Use of Personal Property
A variety of complex tax rules come into play whenever personal property is used in the operation of a business.
Allocating the expenses associated with this property between personal and business use and sufficiently documenting this information in order to claim a tax deduction can be extremely challenging for a small business owner. Get the professional advice you need in this complex area of tax today.
Strategic Tax Planning
We have built our business on the idea that ongoing and long-term tax planning can prevent many tax problems from occurring in the first place including the ones above just to mention a few-and create a systematic and strategic approach to reducing your tax burden. In the areas of tax and accounting, an ounce of prevention is truly worth a pound of cure and tax problems never improve if left unchecked and not addressed in a timely manner.
Alternative Minimum Tax (AMT)
The IRS requires you to pay the higher of: your regular income tax or the AMT tax amount. They will make you pay penalties and interest if you do not pay the correct amount.
How can you avoid these penalties and know if you are subject to the AMT?
Hire a professional.
Since the AMT calculation is tremendously complex, you need a professional’s help to correctly calculate the amount of tax you must pay under the AMI.
There’s no need to be surprised with a higher tax bill, call us today for help with this difficult tax issue.