Tax Reduction & Planning
We have a unique approach for achieving income tax reduction for closely held businesses and their owners. Most closely held businesses are not structured to take advantage of the many tax-reducing opportunities that exist in the 60,000 plus pages of the tax code. As their companies have grown and evolved into more complex and profitable entities, the company’s system for allocating and reporting costs and profits has remained the same. This takes less time, but results in the successful entrepreneur often having the company’s income added to his personal income, and in forgoing significant tax breaks and incentives because the company is simply not structured to legally take advantage of all income tax savings opportunities. The usual result is income taxation at the highest income tax rates. Though a rudimentary tax structure is simpler, it can be a much more costly manner in which to address annual taxation.
Our approach is to analyze the current tax structure and determine if it is optimum for the owners. We look to see if there are operational or personal variables that have resulted in the owners staying with a tax structure that results in a higher effective tax rate. If a business and its owners’ are not structured to minimize their tax liability, we design a tax structure that will optimize the owner’s usage of allowable credits and available benefits, which are not otherwise being currently utilized. We verify that all operational and personal requirements are identified and accommodated in the newly optimized structure. While working with the owner, we further design a tax structure that facilitates the business owner achieving his or her personal as well as business goals. We believe that retaining more of each dollar you make is a necessity, in addition to optimizing your business’s profitability.
Our team approach to strategic tax planning has led to clients informing us that one of the best business decisions they have ever made was adding us to their tax planning team. We address the reduction of our clients’ tax burdens with the same attention to detail and quality that our client’ address their core businesses. As a result of our involvement with tax planning seminars- many that we teach, and constantly researching, analyzing, reviewing, and publishing taxation articles, we stay on the forefront of tax strategies and techniques.
