Tax planning considers the tax implications of individual, investment, or business decisions, generally with the goal of minimizing tax liability. At Reliable Tax & Bookkeeping Services we go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
While decisions are rarely made solely based on their tax impact, you should have a working knowledge of income or estate tax issues and the costs involved.
While taxes are unavoidable, we can work with you to manage your overall financial situation in a way that seeks to minimize events that will cause you to pay taxes. Businesses and individuals pay the lowest amount of tax allowed by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year. We are always improving our command of current tax law, complex tax code, and new tax regulations.
It is important to remember that while minimizing tax is important, trying to strike the right balance between risk and return is our primary concern.
INCOME TAX PLANNING
From Cannakkeeper we will recommend tax saving strategies that will allow you to:
- Grow comfortably and conserve assets while preserving and minimizing excessive expenses.
- Defer income to allow you to keep your cash while paying less in taxes.
- Reduce taxes on your income to help you save more so you can keep more of what you earn.
- Reduce taxes on your estate, which will help you and your family save more.
- Reduce taxes on investments, which helps increase your wealth in the shortest possible time.
- By reducing taxes on your retirement distributions, which encourages a healthy retirement, you’ll be able to retire in style.
TAX PLANNING OF DAILY EVENTS
Some of life’s biggest events—retirement, marriage, enrolling in higher education—come with tax considerations.
Planning for these situations focuses on the tax impact that such situations can cause and the financial plan you may have in place.
We work by your side, to give the best advice on tax matters and to determine the best way to report, spend and save for any of these situations.
WHAT TAX SAVINGS STRATEGIES DO WE USE?
- Share the income of the majority of family members or legal entities in order to obtain a greater share of the income taxed in the lower bracket.
- Carry over expenses from one year to the next to ensure they are within the low tax rate period
- Defer tax liabilities through pension plans, contributions and others called investment options.
- Make use of certain investments to generate funds that are exempt from taxes, either from federal or state tax entities.
- Find the tax deduction through planning, which means only paying for the things you enjoy, such as vacations.
Remember, we work for you, not the IRS. Most of our clients save a lot of money in reducing tax liability through proper planning and sound tax strategies
