Business Services Texas – Company formation Dallas
Need help with business services in Texas? What states are the most favorable for businesses? Where should I incorporate? Should I dissolve my corporation? What type of business entity will best suit my current and future needs, while still minimizing my tax obligations? What fringe benefits can I take advantage of?
Tax Planning for Businesses and Individuals
Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced. Many small business owners ignore tax planning, and don’t even think about their taxes until they’re scheduled to meet with their accountant; but tax planning is an ongoing process, and good tax advice is a very valuable commodity. You should review your income and expenses monthly, and meet with your CPA or tax adviser quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you.
Tax Saving Strategies
How do you accumulate assets for retirement when income and employment taxes take such a large bite out of your take-home pay? How do you get the greatest benefit from your itemized deductions? What opportunities are there to reduce taxes through an employee-benefit programs? This Financial Guide provides a checklist, which you can use to see what opportunities may be available to you.
Since the demise of the tax shelter, strategies for saving individual income taxes are harder to come by. But they do exist. Use this Financial Guide provides tax saving strategies for deferring income (often through the use of retirement plans), and maximizing deductions. It includes some strategies for specific categories of individuals, such as those with high income and those who are self-employed. Before getting into the specifics, however, we would like to stress the importance of proper documentation. Many taxpayers forgo worthwhile tax deductions because they have neglected to keep receipts or records. Keeping adequate records is required by the IRS for employee business expenses, deductible travel and entertainment expenses, and charitable gifts and travel. But don’t do it just because the IRS says so-neglecting to track these deductions can lead to overlooking them. You also need to maintain records regarding your income. If your receive a large tax-free amount, such as a gift or inheritance, make certain to document the item so that the IRS does not later claim that you had unreported income.
We frequently get these and many other questions. Your CLG tax professional will take the tax complexities of business entities and bring them down to an understandable, personal level. We’ll share with you real-world tax reduction strategies for your corporation, LLC or partnership that are often times simple, yet effective. With our familiarity and exposure to a wide array of business types, we will often uncover tax deductions or tax reduction strategies missed by other tax professionals who lack our real world experience in working with various business entities.
To schedule a FREE no obligation consultation, call us at 214-383-5690, email us at email@example.com, or complete the contact form on the right hand of this page, and we will promptly answer your questions.