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Tax Strategy
Many people feel like their tax bill is too high. Maybe you do too. The good news is that it doesn’t have to be. When you work with an accounting firm like ours, we make your financial success a priority.
If Financial Success Is Your Goal, We Are Here To Help!
There is more to preparing your taxes than simply filling out forms at tax time. It's also about understanding our clients’ needs and helping them plan for a secure future.
What Is Tax Assessment?
Our in-depth tax evaluations form the foundation of successful tax planning. We carefully review your financial records, tax filings, and business activities to uncover savings opportunities and optimize your tax strategies.
By utilizing our evaluations, clients benefit from:
- Identifying potential tax-saving opportunities
- Strategies for reducing tax liabilities
- Improved financial decision-making
What Is Tax Strategy?
Tax strategy refers to our review of your tax concerns and questions. Our strategy session to identify potential planning opportunities - both now and in the future - to keep your lifetime tax liability as low as possible.
Our philosophy centers on creating tailored tax strategies designed to fit your specific financial situation. We thoroughly analyze your business operations, financial objectives, and current tax regulations to craft solutions that reduce tax burdens and capitalize on potential savings.
Key Benefits:
- Lowered tax obligations
- Enhanced opportunities for tax savings
- Integrated financial and business planning
This is different than tax preparation, which is focused on keeping you compliant with what the government thinks you owe each year.
Why Is Tax Planning Important?
Taxes touch every part of your financial life.
Your tax return is a financial fingerprint: it's completely unique to you, complete with valuable clues and information, all of which is buried in dozens of pages and hundreds of numbers.
Understanding your return equips us to have more
valuable and actionable conversations with you.
Additionally, we can demystify the world of income taxes and help you understand this important piece of your financial picture.
Everyone! Regardless of your income sources or filing status, nearly anyone who pays income taxes can benefit from having a professional review of your tax return to identify relevant planning opportunities.
At worst, we'll review your return and conclude you are currently maximizing every available tax saving opportunity.
That's great "peace of mind" news.
Alternatively -and more frequently - we'll identify a handful of tax saving opportunities, both in the current year and in future years.
Who Is Tax Planning For?
What Kind of Opportunities Might Be Identified?
We will evaluate a number of opportunities during tax planning, including topics like
Realizing Captial Gains
Next Year Tax Preparation & Assistance
Tax Deductions and Credits Optimization
Tax Compliance
Charitable Giving Strategies
Retirement Tax Planning
We can run projections to see how potential changes (e.g., filing status, dependents, the sale of a business, stock option exercises, etc.) may impact your upcoming tax liability.
Tax planning isn't just something to focus on at the end of summer. Just like regular health check-ups are essential for maintaining your well-being, annual tax check-ups are crucial for keeping your financial health in order.
As your financial situation changes over time, it's important to revisit key tax planning strategies each year. The following checkpoints can help you stay on track and ensure your tax plan continues to meet your evolving needs.
- Are you taking full advantage of your health savings account (HSA) contributions?
- How are you optimizing your charitable contributions?
- Should you adjust your W-4 withholdings?
- Have you contributed to a traditional IRA?
- Are you maximizing your contributions to a qualified retirement plan?
- Are you taking advantage of tax credits?
Here's How We Do It
- Based on careful analysis of your tax situation we make sure you take every tax credit and deduction you deserve on your tax return.
- We help you set up a recordkeeping system that meets IRS requirements.
- We work with you all year long, not just at tax time, to develop tax planning strategies that lower your tax bill.
- We review and adjust your paycheck withholding so it accurately reflects your tax situation and lets you keep more of your money (why give the IRS a free loan?).
- We help you understand how to defer tax liabilities through pension plans, retirement contributions, and similar plans.
- We make sure you take advantage of certain investments to produce tax-exempt income (federal or state or both).
Here at Tandy Consulting we have established some straightforward steps for tax planning. Part of our methodology is to understand early on if it makes sense for us and our clients to work together on a long-term basis.
Frequently Asked Questions
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