We live in an increasingly do-it-yourself world, with access to tax information through the internet, and technology seemingly designed to make our lives easier, we all want to take more control and save more money. As a small business owner, it is important to remember that the benefits of having a professional handle your taxes could end up saving you much more than the fees charged. We, Shin & Associates CPA PC monitor the changes in the tax law that could affect you and recommend tax saving strategies. We will prepare all your tax returns and serve as your advocate in all tax matters. If you are contacted by any government agency concerning your tax matters, your first call should be to us. We will take care of it so that you can get on with your business. There is a certain mystique that has grown up around tax planning and tax-cutting techniques. We are here to put tax planning in plain English for you. There are actually several basic tax-cutting strategies, and most plans involve one or a combination of them. In a nutshell, the strategies are:
- Splitting income among several family members or legal entities in order to get more of the income taxed in lower brackets.
- Shifting income from one year to another in order to have it fall where it will be taxed at the lower rate.
- Shifting deductions from one year to another to place them where the tax benefit will be greater.
- Deferring tax liability through certain investment choices and through pension plan contributions.
- Structuring your affairs to obtain a tax deduction for some expenses paid for things you enjoy – a vacation home, for example.
- Investing your money to produce income that is exempt from either federal or state income tax, or both.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
Tax Planning Service
◾Business planning and entity formation
◾Business financial analysis and strategic planning
◾Current/Future year personal tax analysis/forcast
◾Individual and family wealth planning
◾Self-employed / Sole-Proprietor planning
◾Charitable giving strategies
Tax Preparation Service
◾“S” Corporations (1120S)
◾LLC’s (Sch C/1065/1120S)
◾Non Profit Entities (990)