Our Tax Planning Philosophy

Our ultimate goal is to reduce your tax liability over your lifetime – not just in any given year. That’s why we take a holistic approach with these five basic principles:

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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.

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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.

Interested in learning more?

Schedule a call with a Simplify365 Associate and they will calculate your potential savings and share best practices for optimizing your payroll.

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SIMPLIFY 365 HELPS YOU:

- Take advantage of creative and little-known deductions available to business owners

- Implement payroll optimization and retirement strategies that reduce your tax burden

- Protect against costly errors on your tax return and prevent common missed opportunities

- Keep more of the money you’ve earned with a comprehensive and proactive tax plan

That’s where we come in.

PAYROLL OPTIMIZATION

Optimizing your payroll is one of the best ways to increase profitability while reducing your lifetime tax liability. That’s why Simplify365+Tax helps you pay yourself a reasonable marketbased wage, implement purposeful payroll strategies for you and your family, and even maximize your retirement savings in the process.

Potential Annual Tax Savings: $5,000 to $20,000

RETIREMENT PLAN DESIGN

We want you to have the time and energy you need to grow your business and achieve more of your long-term financial goals. That’s why we help you navigate the complexities of your company retirement plan, assist with your fiduciary duties, create custom investment menu options, and customize the plan design using defined contribution and defined benefit solutions to support your tax planning strategy. Through this strategic approach, you can even maximize your retirement plan savings with tax-free options, such as the election of ROTH and customized plan design provisions. Note: Design is included, but Advanced 401K services are not.

We collaborate with employers to align their retirement plans with their company goals. We understand that our clients’ time and energy should be devoted to growing their company, which is why our team takes pride in navigating our clients through the complexities of administering their company retirement plan, including the many fiduciary duties and investment choices plan sponsors face.

Potential Annual Tax Savings: $7,500 to $100,000

HOW WE CHARGE

Starting at $750/month, as a tax-deductible expense billed directly to your business.

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.