Tax Planning and Preparation

Have you considered paying yourself more out of your business?

In some cases, it actually might make more sense to pay yourself less — but bring home more at the same time. It all comes down to having the right plan in place.

If you’re not clear on how you could accomplish that, then reading this page right now could be very important.

 

We have other blog posts and pages about entity structure, but that’s just one aspect of a proper plan for growing the tax-profitability of your business.

When we meet with a business owner, we often wear many hats — CFO, Marketing Advisor, COO, etc. — truly whatever fits the needs of our small business owner client most precisely. Because business owners can make rash decisions in times of perceived crisis (like during “tax season”) — and they often have unforeseen complications down the road.

Which is why it’s critical that we take a look at how things are set up for you and your business before the tax preparation process. When we take the time together to take a clear-eyed look at your accounting reports, and plan ahead for the best, most tax efficient outcome for your business, then you can have the confidence that you are building in a financially smart way.

And every time new tax code legislation comes through, it opens up new opportunities for businesses to save on their bottom line, as it relates to tax, and other aspects of your financial picture.

Frankly, we’d like to avoid all of the unnecessary expenses and taxes which so many businesses end up paying, simply because they didn’t plan ahead of time.

But we won’t know what the best setup for your business would be, until we talk.

Consider these questions …

  • Am I proactively planning to deal with tax law changes?
  • Have I determined my financial goals — and how taxes will affect them?
  • Will I maximize my tax-free earnings in retirement (and before retirement)?
  • Do I have an exit plan for my business — and is it written down?

Again, all of these issues always seem “procrastinate-able” on the front end … but if you don’t have a good answer to more than a couple of the above questions, you might be cruising for a financial bruising.

Let Us Help:

1099-K Reporting Requirements: Clearing Up Confusion for NW Tucson Taxpayers

The anniversary of 9/11 always reminds me that our lives can be changed dramatically in the span of a day. We could not have imagined on September 10 that such tragedy would strike or that so many people’s lives would be changed. It’s one of the reasons it’s so...

NW Tucson Car Shopping in 2023

Enjoy your long weekend soaking up the final vestiges of summer? Last minute visits to your NW Tucson pool, outdoor amusements, a little grill-out … maybe buying a new car?Typically Labor Day is one of the biggest car shopping days of the year. As dealers look to...

What Rising Mortgage Loan Rates Mean for NW Tucson Home Shopping

It’s almost September as I write this. First, I need to remind you that the filing deadline for tax extensions is nearing. October 16th will be here before you know it:520-825-2245 If you’ve comfortably waited around at home thinking you have plenty of time to...

How an Identity Protection Pin Can Save NW Tucson Taxpayers

Here we are, nearing the end of August, looking September and fall in the face. And that calls for a couple tax-related reminders.1. If you’re a teacher... you’re a true NW Tucson hero, which is why I want to make sure you remember that you can claim up to $300 for...

Energy Efficient Home Improvement Kickbacks for NW Tucson Homeowners

I want to start today by sending my thoughts to those suffering and grieving in Maui. You’ve likely heard about the wildfires raging there (the deadliest in more than a hundred years, actually, with search efforts only just beginning). If you’re at all interested in...

Check Payment Alternatives to Consider Now, NW Tucson Friend

Remember when music went digital? No more massive stacks of CDs or worries over scratched discs. You could exchange all of that for your first-generation iPod that fit in your pocket.But if you’re old enough to remember that, you also remember a less-than-legal shared...

Could Tax Refunds Be Waiting for You, NW Tucson Taxpayers?

Well, let’s start with some good news on the economic front. After the latest earnings reports, it looks like the GDP is doing better than analysts thought thanks to consumer spending and an aggressive investment attitude by businesses this year. Recession fears...

MJM Income Tax on Insurance Planning for Life’s Big Changes

Looks like another (and most likely final) fed interest rate hike is expected this week. Curbing inflation never seemed so expensive, am I right?Because your dollar just doesn’t seem to go as far as it used to, being more focused on tracking your money is more...

A Restarting Student Loan Debt Repayment Guide for NW Tucson Borrowers

Man, I love summer. Longer days, time outside in nature, burgers on the grill… scorching hot weather… Okay, so that last part not at all. And the heat continues to turn up across the US and parts of Europe (it was so hot they closed the Acropolis multiple...

Crypto Security Musts for NW Tucson Investors

Remember watching Back to the Future II and thinking hoverboards were going to be the greatest futuristic invention? How about paying for things through an implant in your wrist like the 2012 Total Recall movie? (That’s an idea that might not be so futuristic...

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

Contact Us