Tax Planning Services Can Help You Plan Your Strategy All Year Long
Hiring a professional at the end of the year to help you file your taxes properly is a must, but if you really want to make sure you’re doing everything you can for your family or your business, you need to invest in tax planning services.
Unlike basic tax preparation that requires you to meet with a professional CPA once a year, tax planning services allow you to work with your CPA all year long. This kind of partnership is the best way to make sure you’re making the right financial decisions as they pertain to the latest tax laws.
Considering the impact of your decisions on your tax situation
Every single financial decision you make, whether you’re an individual filing on behalf of your family or you’re the CEO of a business, will have a huge impact on your tax situation. Without the help of professional tax planning services, those decisions could be for the worst. With the help of a professional CPA, those decisions will be for the best.
Whether you’re considering the possibility of hiring global suppliers or you need to develop a succession plan, a professional tax partner can walk you through all the long-term repercussions of those decisions, whether they’re good or bad, so you can make an informed decision.
Make tax time less stressful
Wondering how your taxes are going to pan out at the end of the year can cause a lot of stress, especially if you’re wondering exactly how much you’ll be refunded. There’s nothing worse than expecting a refund and finding out that not only will you not be receiving a refund, but you actually owe additional funds to the IRS. Tax time will never be a surprise with professional tax planning services.
Planning your tax strategy throughout the year will ensure that no surprises arrive at tax time. You’ll know exactly how your decisions throughout the year will impact your tax return.
A professional can help you plan for a wide variety of situations including:
- Business tax consulting
- State and local tax consulting
- International tax
- Tax credits and incentives
- Mergers and acquisitions
Whether you need corporate tax planning assistance or you simply want to get your personal affairs in order, we can help. Contact us today to learn more about professional tax planning services.
Tax planning services FAQ
How do I know how much money to have withheld from my paycheck?
Filling out W-4 information correctly is absolutely essential to making sure you’re ready for tax time. There are many things to consider. Even filling out the form properly may not guarantee you’re having adequate funds removed from each paycheck. Additional considerations include:
- When you are married and you both work
- When you work more than one job
- When you have nonwage income that may include interest, dividends, alimony, unemployment compensation, and self-employment income
- When you will owe other taxes like self-employment tax or household employment tax
Tax planning services can help you throughout the year so you can make sure that you fill out all your tax forms properly.
How do children affect my taxes?
Children can have a profound effect on your taxes. They allow for a larger refund at the end of the year, but there are some other considerations that you should be aware of so that you aren’t surprised when you go to file taxes.
- Kiddie taxes apply to children with unearned income
- Child care can sometimes be written off on your taxes
- Some credits may be available to you if your child is in college
- You may qualify for certain credits if your child is disabled
A professional CPA can help you identify child related tax issues early so they don’t pose a problem when you go to file your taxes.
What is the difference between tax planning services and tax attorney services?
A professional CPA and tax attorney are able to answer many of the same questions. However, a professional CPA can help you file tax information while an attorney will only be able to provide you with professional advice.
In some cases, a tax attorney may be needed, especially if the IRS is involved. It’s best to discuss any issues with your accountant or CPA and get their opinion on whether you should reach out to a tax attorney.
How will last year’s taxes affect this year’s taxes?
In some ways, last year’s taxes don’t affect this year’s taxes at all. In other cases, they may. For example, if you owed money last year that hasn’t been repaid, those funds will be removed from your refund the next year.
Some deductions and considerations reach their full potential after a few years have passed, so it’s always important to take a look at your old tax returns when completing your newest return. A professional can help you identify aspects of previous returns that may positively or negatively affect your paperwork the next time you file.
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