Tax Planning & Compliance

Tax Planning & Compliance

 Get Ready For The Tax Season

 

Taxation rules and regulations are constantly evolving at the local, state, and federal levels, making it virtually impossible for today’s business managers to stay abreast of requirements. Our expertise frees our clients from this burden.

It is crucial that tax planning be thoroughly incorporated into overall business and investment planning. In order to maximize profitability and minimize potential exposure to tax liability.

From compliance and planning to local, state and federal consulting, our insight can prove invaluable to an organization’s future as well as to its leaders’ financial position and peace of mind.

Individuals have a lot of questions during their quest for long-term financial security. Our tax compliance and consulting services helps clients design a comprehensive plan to reach their financial objectives. We dissect each component and make recommendations for improvement.

IRS Tax Problem?

We Bring You Peace of Mind!

Contact us at 954-616-8991 to schedule your free consultation today!

 

We are ready to help to help you get your financial life back on track. Facing the IRS or the State Department of Revenue can bring unwanted stress upon anyone, and trying to take on the case alone can be confusing and time consuming.

We offer tax debt resolution services and tax representation for audits and examinations.

What are the benefits for you:

 

We talk directly with the IRS for you – we speak their language

We can help you solve your IRS problems and stop the harassment

We know and understand the IRS and State Department of Revenue rules

The IRS cannot take advantage of you due to lack of understanding of tax law and the IRS collection process

We work for you and negotiate on your behalf

If you qualify, an Offer in Compromise will reduce the amount you owe

Added protection against IRS wage garnishments and bank/asset levies

Tax Debt Resolution

We help both individuals and businesses that have unfiled tax returns and who are struggling to pay back taxes. Ignoring your tax issues and failing to pay back the IRS will lead to further tax penalties and interests, and can authorize the IRS to take action by seizing your personal assets such as home, car and even wage garnishments.

Join Our Team

We can help you

with the following tax debt services

Offers in Compromise

Installment Agreement

Penalty Abatement

Innocent Spouse Relief

Currently Not Collectible

Tax Audits and Tax Examinations

A notice for audit means the IRS reviewed your tax return and needs further documentation of proof for certain claims made. There are different types of tax notices/audits that the IRS may request (CP2000, correspondence audit, etc.) and a consultation with us can help clear up the severity of your case. Choosing to ignore a notice for tax audit or tax examination can lead the IRS to open up investigation to previous years and make you susceptible to further tax liabilities.

Contact us at 954-616-8991 to schedule your free consultation today!

Frequently Asked Questions

What is Tax Planning

Tax Planning is an art of arranging your financial affairs and defers taxes through taking advantage of beneficial tax-law provisions, increasing and accelerating tax deductions, and tax credits. It is maximizing the use of all applicable tax breaks available under the Internal Revenue Code. Therefore, tax planning helps you determine what you should do today, when you should do it and how you should do it. This may result in substantial tax savings. Usually the tax savings are more than one tax year.

Is There a Difference Between Tax Preparation and Tax Planning?

Yes!, with tax preparation you are looking at history. This is a reactive approach. Once December 31st of each year is over you can’t change history. Anything you could have taken advantage of to reduce your tax liability is over. All you can do is sit and wait for all your tax documents (i.e. Form 1099s, and W2s) to arrive in the mail and then hand them over to your Tax Preparer by April 15th or even do it yourself and probably receive a refund or pay any tax due. Another option would be to file an Extension if your information is not ready.

With Tax Planning you are taking a proactive approach. The focus is on today and the future. For example, receiving a huge refund year after year is a sign of no tax planning. It  is not a savings account. Ask yourself, is it earning interest? As a taxpayer you could have used that money throughout the year to feed your kids or even invest it in your retirement plan, college education or even start a side business.

Is Tax Planning for the Wealthy?

NO. Tax planning is often looked at as a benefit only to wealthy taxpayers, but the truth is even a lower income taxpayer can benefit from tax planning because it’s not how much you make…it’s how much you keep. Those who work as independent contractors will discover that with tax planning, it helps them stay ahead and develop a financially sound practice of keeping track of their earnings and paying the quarterly estimated tax payments that way they are not caught by surprise come tax filing time. This also helps them to avoid the underpayment penalty of estimated taxes. As a taxpayer you want to avoid unnecessary underpayment or overpayment of tax.

Investing in Tax Planning in order to avoid or put off paying taxes until a later date gives you, the taxpayer, discretionary money to spend or invest. A tax plan allows you to take as many tax breaks as possible and works within the tax law to increase allowable deductions and credits. If you find yourself at tax filing time thinking that you should have itemized more deductions or should have put off a large transaction, you will benefit from tax planning.

Tax planning equals fewer surprises come tax preparation time.

How is Business Entity Selection Relevant to Taxation?

Tax planning includes choosing what sort of business entity to form. For example, a C corporation pays its own income taxes; its shareholders owe no tax on its earnings unless and until dividends are paid.  In contrast, an S corporation, a partnership or an LLC will generally be treated as a pass through entity. Owners of these entities will owe taxes on the profits of the business whether the profits are distributed to them or not. Similarly, if a business suffers taxable losses, a C corporation can use its losses to reduce its tax liabilities (through so-called loss carrybacks or carryforwards), but its shareholders generally receive no benefit from current tax losses. If, however, the business is operated by a pass through entity, the owners may be able to offset their losses against income from other sources (subject to a number of possible technical limitations). Good tax planning explores all of these options before creating the entity.

Why Should I Consider Puerto Rico in My Tax Planning?

Have you been there? It’s a beautiful tropical island with great weather all year long. Notwithstanding the fact that it’s a great place to live and work, Puerto Rico is a US Possession that has incredible tax benefits as a result of various laws (Act 20, Act 22, and Act 73) that have been passed to incent business development on the island. From that perspective, you might think of Puerto Rico as an “economic development zone”. 

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