Strategic Tax Planning
No one likes surprises, especially from the IRS about the tax liability. The goal of our tax planning efforts is to set up a tax-efficient portfolio based on your financial goals that also takes into account local, state and federal tax code to minimize present and future tax liabilities.
We review your current tax returns in detail and offer you a comprehensive tax planning strategies to optimize the tax laws to your benefit resulting in tax savings. For businesses it may include examining the best accounting method employed, the best entity structure, maximizing the QBI deduction, Real property improvements, Section 179 deduction for depreciation, Home office tax deduction, and the best retirement plan to minimize the tax liability or using your home for business rental upto fourteen days a year tax free.
Your cure starts with a diagnosis from the Nashville CPA firm, Sunil Kawatra CPA, CVA to discover what’s causing your tax pain. From there we can create your strategic tax plan, in effect filling your prescription and making a plan to relieve your pain. Once you have your diagnosis, we can create a Tax Plan to cure the pain in your tax liability and start to implement changes that will save you money. The tax code is long, complicated, and overall, not a fun thing to read. Strategic tax planning could be the step you need to take in order to save money in taxes year after year.
PROACTIVE TAX PLANNING
Are you confident that you are taking advantage of every tax break available? The majority of CPAs do not do any proactive training, in fact, most work in reverse. They work historically, completing tax returns that only reflect where you have been, instead of where you want to be going. If you are only looking behind you, then you aren’t planning for the future.
There is no one-size-fits-all approach when it comes to strategic tax planning, which is why Sunil Kawatra CPA customizes tax plan specifically to you and your business. The easiest way to increase the money you keep is for your business is to minimize the money going out, ensuring that you aren’t spending any money unnecessarily. While some taxes are necessary, it’s likely that your business is paying more than what is legally, ethically, or morally required, simply because most tax advisors aren’t trained to think proactively. The good news is that you don’t need to wait to start realizing these savings. Every minute you wait means more of hard-earned money spent overpaying taxes.
START SAVING NOW
For most small business owners, taxes are your single biggest expense. That expense is likely to only grow bigger if you don’t have a sound strategic tax plan in place. If your current accountant, bookkeeper, or tax preparer has not given you at least one idea that saves you a minimum of $1000 in taxes every year, then now is the time for strategic tax reduction planning from your Nashville CPA firm , Sunil Kawatra CPA, CVA.
We offer strategies that can be implemented right away, renting your house to yourself, or hiring your own children to aggressive retirement plans to suit your needs. These are surprisingly simple strategies that small business owners can legally use to reduce their taxes. Some strategies will serve you better when you reach a certain threshold, but that’s exactly why your Tax Plan is created specifically for your business. All business owners need a solid strategic tax plan, and we can start working with business owners in their first year of business.
Following our strategies will save you money without increasing your risk for audit. When you receive your Tax Plan, you will see every tax reduction strategy we employ sourced and referenced directly to the IRS Tax Code. Along with the tax savings, you will also see implementation plans that are highlighted and summarized so you can be confident that the savings are real and the strategies are legal, ethical, and moral. Business owners are told a lot of myths surrounding taxes, myths that could be holding them back from bigger business growth. A Strategic Tax Plan is a true “business fundamental,” and odds are you don’t have one.