You may
be asking yourself, “why is tax planning important” or “do I need to
consider tax planning?” Yes, tax planning is important for individuals
and businesses. The rules seem to change every year so even if you
successfully filed in the past without any issues, the regular changes
make doing your taxes even more complex rather than simplifying the
process. Whyte & Associates, Inc. in Rancho Cucamonga, CA provides tax planning service to help you through the trying tax process. Our professional team offers comprehensive business services including business consulting, payroll services, tax preparation, and tax planning.
The phrase “tax planning” is commonly used but not necessarily understood. It is a method for arranging affairs to minimize taxes. By employing effective tax planning strategies, clients have more money to save, invest, and/or spend. A team of business consultants helps clients take advantage of beneficial tax-law provisions, increase and accelerate tax deductions and credits, and make use of applicable tax breaks.
Tax planning involves the in-depth analysis of an individual’s or a business’s financial situation from a tax perspective. The purpose is to ensure tax efficiency or to make sure the client is making the most of tax breaks and not unnecessarily overpaying. During the tax planning process, all elements of the financial plan work together in an efficient manner. This is an essential part of a good financial plan. Reducing tax liability and maximizing the ability to contribute to retirement plans are crucial for success.
Tax planning takes several items into consideration. This includes income, size, timing of purchases, and planning for expenditures. The investments and retirement plans should complement tax filing status and deductions for the best outcome.
Tax filing requirements and rules are more complex and confusing than
they used to be. This makes good tax planning essential. Tax and
financial planning are related but are two different things. Financial
planning involves implementing strategies to reach your short or
long-term financial goals. Execution of these strategies is an art and
requires assistance from a financial advisor or planner. For business
owners, taxes are a big expense. Proper planning to reduce taxes is a
critical piece of the overall financial planning process.
Many individuals and businesses fail to understand the
importance of tax planning until they make an expensive mistake that
costs them otherwise avoidable money. Then, it sinks in that they need
tax planning services. As a successful business owner, your goal is to
establish successful tax planning now so you do not suffer the mistakes.
Common mistakes made by business owners without good tax planning
efforts include:
One way to avoid issues is by planning transactions with taxes in mind and to avoid making impulsive decisions. Seek professional tax advice before making big transactions. Professional tax planning services include:
At Whyte & Associates, Inc., our team of business professionals provides businesses and their owners with advice regarding the challenges they may face. During the life of a business, there are opportunities and challenges. Businesses grow, acquire new businesses, get new employees, and change ownership. We work with business owners to plan and structure their transactions and achieve their goals in a tax efficient manner. Tax issues are a significant component of business transactions. We advise our clients on income, sales and use, real estate, and unemployment taxes.
We specialize in business services. Our experience and expertise allow us to advise and help small and large businesses through the ups, downs, and changes. At Whyte & Associates, Inc. we put the needs of our clients front and center. We take a personalized approach with each client. Our team specializes in business consulting, bookkeeping, payroll, tax planning, and tax preparation services. Services are tailored to your company’s needs.
Let the team of business experts at Whyte & Associates, Inc. customize services to suit the needs of your business. Contact our office in Rancho Cucamonga today. Call (909) 575-0080.
