Proactive Tax Planning for Business & Individuals
We take a proactive approach to tax planning by connecting with all of our business clients as year end approaches each fall. Once the clock strikes midnight on 12/31 many opportunities for tax planning disappear.
Tax Planning Process
Tax planning starts with good data. By logging into your businesses accounting software our team of tax professionals determines if your data needs caught up or refined. Once we have determined the state of your business data we move onto annualizing the most recent financial statement available.
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Once we have some good numbers to work with our team of tax professionals translates that data into tax estimates and works to outline some potential tax saving strategies and considerations and stays engaged when appropriate to help to implement those strategies.
Over the years we have found that this process not only can help businesses reduce tax liabilities, but also can provide business owners a snapshot of the over all health of their business operations.
2020 Tax Planning Considerations
The Market / Capital Gains:
The stock market has been in a state of up and down since the Covid-19 pandemic hit. We have been working hard to help taxpayers manage & plan for the tax implications of harvesting these potential gains.
Business Asset Purchases:
Through various tax law changes there has never been a time of more available options when it comes to businesses purchasing assets. Section 168, Section 179, etc. have offered to business owners invaluable potential deduction through accelerated depreciation, but it is our philosophy that a business owner needs to understand the short term and long term benefits of utilizing these laws.
PPP Loan Forgiveness:
The various stimulus packages are in an ever changing state. Our team of tax professionals has been working closely with our regional banking partners to ensure that our business clients are as educated as possible to the available options when it comes to forgiveness and the potential tax implications of that forgiveness. We are working hard to imbed these decisions into our tax planning process.
Retirement Plan Deferrals:
Business owners have a myriad of retirement plan options at their finger tips. Some retirement plan options have to be in place prior to the end of the calendar year. Understand your options and understand the impact that a retirement plan contribution will have on your business and personal taxes.
Interested in learning more about Bradstreet CPAs' Year End Tax Planning Process could benefit you? Click here to have our team reach out to you to continue the discussion: Initial Consultations.
Initial consultations are always free and are no obligation. A typical initial consultation takes 30 minutes to an hour and gives a business owner the opportunity to determine if Bradstreet CPAs will be the right fit for their business tax and accounting needs. We utilize Google Meet to connect virtually with business owners all over the United States. After the initial introductions these meetings typically turn into a strategy sessions for identify next steps. Call or email to get the ball rolling on having Bradstreet CPAs help your business with your accounting and tax needs. Or click here to have our team reach out to you.
937-436-3133