Our Tax Planning Philosophy
1. The purpose of a business is to make money; paying taxes is a reality of achieving that purpose.
2. Prioritize profitability over the immediate gratification of a tax deduction. Don't spend money just to avoid taxes.
3. Think long-term when accelerating deductions. You may benefit from delaying deductions to a higher-earning year.
4. If you fall in the 24% Federal tax bracket or lower, consider paying taxes now, especially if you expect revenue and profits to grow in the near future.
5. Pay yourself a market-based wage to optimize your payroll for maximum deductions and retirement savings.
Are you ready to take a proactive approach to your tax planning? Schedule an appointment with a Simplify365 Associate.
OUR ANNUAL TAX DUE DILIGENCE PROCESS
Tax Planning and Preparation
Tax prep can be overwhelming, especially for business owners. If you’re like most, you may sign your tax return without really knowing whether it’s accurate. After all, you’re focused on the big picture – not the details of your corporate books or the tax code. Yet we often find that tax returns are filed with mistakes, omissions and missed opportunities. That’s where we can help. Our annual tax review process ensures your plan is implemented accurately. By serving as a second pair of eyes on your return, we work with you and your accountant to catch any potential errors and make sure you’re taking advantage of every opportunity. We believe collaboration drives success. That’s why we keep you and your accountant informed on our planning strategies and updated on our progress with an annual Simplify365 Tax Summary. It serves as a summary of all the strategies we implemented during the year, as well as a summary of your financial benefit. Ultimately, this annual tax summary as well as our tax diligence process ensures everyone stays on the same page.
Schedule a call with a Simplify365 Associate and they will calculate your potential savings and share best practices for optimizing your payroll.
Vance Wealth, Inc is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
Figures produced using our internal calculator vary based on the following assumptions. The business owner has a separate business entity, the business owner owns a house, the business owner does not use their primary residence as their primary place of business, the business owner is filing as married filing jointly or single, the business owner’s savings may vary based on their taxable income, tax bracket, rental price and days home rented to the business. The figures used are generalized and not indicative of actual results, which may differ substantially. This does not reflect the impact that material economic and market factors may have had on decision making. The results shown were achieved by means of a mathematical formula. If you qualify for a QBI deduction your net benefit may be reduced.