With the passing of each new Congressional tax act, it becomes more and more difficult for the average person to efficiently prepare their returns and take advantage of available credits and deductions. Though U.S. tax laws are complex and changing, there are tax preparation strategies that can ensure that individuals and business owners don’t pay more than is required or alternatively underpay and risk being audited.
Accounts International’s (AI’s) Strategic Tax Planning Advisory Service counsels individuals and business clients on individual/corporate tax planning, tax return preparation, and audit issues. Additionally, we advise clients about personal/business deductions, the timing of transactions, the proper form of business entity (Partnerships, C corporations, S corporations, LLCs), and the operation and administration of the tax aspects and reporting of business and capital transactions. Our clients include aggressive start-up companies, established closely held businesses, wealthy individuals, and family practices.
Planning is imperative for reducing your tax burden and ensuring full utilization of existing tax benefits. Comprehensive strategic tax planning works best when done an ongoing and continuous process rather than a hurried, reactive series of steps taken at the very end of the tax year. Planning is imperative because once the year ends, it is generally too late to go back and reverse a transaction with a tax implication.