Put the Tax Code to Work for Your Business with Corporate Tax Planning
The best way to deal with your taxes is to get started early with corporate tax planning services. Just because you’re required to submit your tax return at the end of the year doesn’t mean you can’t make the most of your situation all year long.
Unfortunately, corporate tax planning is a lot more difficult that it seems. With tax laws that are always changing, it’s nearly impossible to deal with your tax situation on your own. This is especially true when you consider the fact that you’re busy running your business.
A comprehensive approach
A comprehensive approach to corporate tax planning is a must. That means scheduling multiple meetings with a tax professional every year to discuss any changes to your current situation, as well as updates and other contingencies that need to be addressed.
An experienced corporate tax planner works with a wide range of clients and situations that include:
- Partnerships, LLCs, and LLPs
- Estate, trust, and gift
- Nonprofits and foundations
- Sales and use
As part of the corporate tax planning process, you may also want to address income taxes, corporate tax and transactions, flow-through entity planning, and federal credits and incentives.
Reducing your risk of noncompliance
Making sure you’re compliant with all the latest tax codes and requirements is essential to the success of your business. Without compliance support from a professional, you’re likely to find that you owe the IRS at tax time, which can impact the future of your business.
Part of corporate tax planning means understanding that you could experience an audit. A tax planning professional can help ensure your business is compliant with all the latest laws and requirements. If you do experience an audit, tax audit extensions are available to help ensure you have enough time to assemble the necessary information.
Minimize your taxes
Corporate tax planning is all about minimizing the tax burden on your business. A few ways you can save on your taxes include:
- Sponsoring a company retirement plan
- Writing off company assets
- Claiming depreciation expenses
- Taking deductions on business automobiles, office expenses, and more
- Offering employer-sponsored childcare resources
Face tax challenging head on
Don’t put off dealing with your taxes another day. Facing your tax challenges head on will help ensure the success of your business.
This type of approach Includes an in-depth evaluation of your current tax situation. Based on that evaluation, a tax strategy can be developed that’s focused on controlling your exposure, risk, and overall tax expense.
Corporate tax planning FAQ
How do I know if corporate tax planning is right for my company?
In general, corporate tax planning is appropriate for nearly every business, but there are a few things that can help you decide if it’s the right choice:
- You could use help analyzing the changes of U.S. tax policy
- You want greater control over your company’s subsidiary tax compliance affairs
- You’re looking to eliminate long-standing uncertainties about your company’s taxes and accounting procedures
- Your company could benefit from professional advice regarding tax opportunities and risk management
- You need help dealing with U.S. tax law issues, as well as documenting the procedures for reporting purposes
- You need assistance in regards to legal actions against the IRS
Of course, you may decide on corporate tax planning simply because you’re looking to keep all of your tax information organized.
When should I start corporate tax planning?
If you hire a corporate tax accountant, they may choose to plan your tax strategy throughout the year. However, if you’re just looking for planning services, you’ll experience the most success if you start planning between September and November. This will give you plenty of time to gather resources and address any issues before the tax season comes to a close.
Can corporate tax planning help reduce my company’s taxes?
Corporate tax planning can definitely reduce your company’s overall tax burden. By organizing all of your information and analyzing it, a professional team of CPAs will be able to find areas where you can save. The team may also be able to provide you with advice on saving on taxes for the upcoming year. A list of possible deductions is listed above.
Charitable contributions are also a great way to save. They can help you become more involved in your community while you save on taxes at the same time.
Exactly how does a CPA help when it comes to corporate tax planning?
When providing you with corporate tax planning services, a tax professional can:
- Provide you with the most tax effective structure for your company
- Help you achieve optimal capital or revenue tax treatment
- Help you reduce tax on disposal of assets and maximizing relief on acquisitions
- Provide you with advice regarding corporate structures and offshore companies
- Help you take full advantage of tax opportunities to minimize tax liabilities