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Business owners in Rancho Cucamonga, CA ask, “What is tax planning service?”Posted By Whyte & Associates
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.
What is 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.
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The importance of tax planning services for businessesTax 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:
- Failing to properly report business income
- Claiming the wrong deductions
- Filing incorrect forms
- Missing tax deadlines
- Not keeping good bookkeeping records
- Making use of tax provisions
- Maximizing tax breaks
- Increasing available tax credits and deductions
- Reducing the amount of taxable income
- Lowering your tax rate
- Claiming available tax credits
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.
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