Personal and business tax planning is absolutely necessary if you want to avoid paying much more than you owe to the IRS, getting audited and generally dreading April 15th. But not all tax advisors are created equal. The professionals at Advanced Accounting have several years of experience with personal, business and corporate tax, are accredited and have an outstanding track record of excellence. They offer a number of different tax planning services that cater to all different needs and aim to alleviate the stress of doing your taxes.
We’ve highlighted six of the most critical tax planning services you may need.
Proactive Tax Planning
What is it?
Proactive tax planning is getting in front of your annual taxes with a comprehensive review of your finances, including investment accounts, and detailing a plan to help you maximize your deductibles and reduce your tax burden. Proactive tax planning saves you from being sidelined and overwhelmed by a big tax bill in April.
Who is it for?
Everyone! Whether you’re filing as an individual, small business or corporation, having a proactive tax plan is the first step in taking control of your taxes. It’s one of the most important tax planning services you’ll ever invest in.
Bookkeeping & Payroll Services
What is it?
Proper bookkeeping is essential to making sure your business runs smoothly. Sloppy books are big red flags for the IRS, so it’s important to make sure you have a team of experts who can ensure that your books are being filled out properly. Payroll is another common area that the IRS looks at through a microscope. The rules on reporting payroll are always changing, so it’s really easy to slip up without knowing it. Having a knowledgeable service, like the accredited professionals at Advanced Accounting do your payroll and bookkeeping will keep your business above board. This is one of the critical tax planning services you need.
Who is it for?
This service is for small businesses and corporations without bookkeepers or a payroll department on staff.
Business Entity Selection
What is it?
What your business is classified as could have major ramifications when it comes to how much you’re being taxed. Improper entity selection could cost you tons of money, so it’s important to review your business entity classification with a professional. Most small businesses will fall under the umbrella of sole proprietorships, LLP or LLC.
Who is it for?
Small businesses and corporations will benefit heavily from this tax planning service, and it can help you avoid costly mistakes.
Estate Planning
What is it?
Estate planning is not just for the rich and famous. As we age and acquire more assets, we need to start thinking about estate planning in order to prepare for our wealth to be passed down to loved ones. An estate is all of your material wealth, including investments, bank accounts and any property you own. You can also claim expensive possessions as part of your estate, such as rare jewelry or artwork. An estate plan details who will receive what when we pass.
Who is it for?
Estate planning is one of the tax planning services that everyone needs to think about. The sooner you get started on preparing what will happen with your estate, the better off you will be.
IRS Representation
What is it?
If you are ever audited you will be aided and represented by an organization of professionals who have years of experience and knowledge about the tax process. Audits can be bewildering and stressful situations, so proper representation and hand-holding by professionals is critical.
Who is it for?
IRS Representation is one of the tax planning services that everyone should take advantage of if they find themselves in that situation. Unless you are a tax professional, you don’t want to go it alone if the IRS audits you.
Retirement Planning
What is it?
Your tax advisor will sit down with you and review your personal or business retirement plan. Your retirement plan will be unique and tailored to you or your business and designed to help you achieve certain objectives, making it one of the most important tax planning services you can get.
Who is it for?
Everyone. Small businesses, corporations and individuals all need to consistently and intelligently review their retirement accounts to make sure they’re functioning optimally.
The experts at Advanced Accounting have helped countless people and companies through these six imperative tax planning services. They also offer individual consultations on how to implement your unique tax plan. Let them work for you. Check out our complete list of services and discover how we can help you with all of your tax planning needs.
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