Savvy tax strategies present a vehicle to contain the costs associated with running a business or running your household alike. In fact, your personal or business tax burden may be higher than it should be, or you may be leaving money on the table. The expertise of qualified and experienced tax professionals, like the accounting team at Whyte & Associates, Inc. in Rancho Cucamonga, California, helps you determine how to lower your taxable income. That means money in your pocket to reinvest into your business or your personal nest egg.
Here we walk you through a few of the steps that almost every taxpayer could benefit from as universally-sound “best practices” for a less daunting “tax time”:
- Consistently complete and accurate record-keeping and bookkeeping is a must. The IRS has listed a few of the top costly mistakes associated with filing, and they include math or calculation errors and the selection of the wrong filing status. These and other common and expensive blind spots and faults can be avoided by partnering with seasoned tax professionals. Our accountants’ skill is complemented by a robust infrastructure and sophisticated software to aid in proper and secure data collection, storage, documentation, and retrieval.
- Don’t miss out on eligible credits, deductions, and other “tax savers.” Not unlike industry regulatory environments, these opportunities are constantly in flux. As tax pros, our team stays on top of new or changing credits and deductions. We also keep pace with your business and any changes in your life that might trigger your qualification for new or existing credits and deductions, which formerly would not have been allowable due to your circumstances and eligibility requirements.
- Avoid penalties. This point is closely tied to No. 1. With a quality system in place, you are less likely to make mistakes that could lead to penalties and other untoward consequences for you and your business as applicable to your situation. You may be subject to fees and fines for everything from late payments to failing to pay all the taxes owed. Our talent and technologies support complete, on-time, and accurate filing.
We also encourage you to consider making adjustments that could alter your tax rate and the amount of tax that is withheld or paid during each pay period. These income strategies might include using 401 (k) contributions and other investment vehicles to lower the amount taxed or alter withholding to reach your investment goals or to avoid the blow to your finances that may accompany a large payment as deadlines approach. We can also advise on strategies and intervals to pay estimated taxes throughout the year. The options and opportunities are as varied as the individuals and businesses that Whyte & Associates, Inc. serves. Call our office in Rancho Cucamonga, CA, today at (909) 575-0080 with questions and to start the conversation.
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