Tax Planning

The accountants and bookkeepers at Orange County Bookkeeping provide business clients with effective tax planning strategies that are aimed at minimizing both current and future tax liabilities. Such strategies include accurately calculating and projecting business income together with making maximum use of the available provisions of the tax code to reduce the total amount of tax owed.

Our tax planning services include, but are not limited to, the following:

  • Business Classification
    Because Sole Proprietorships, Partnerships, Limited Liability Companies, S-Corporations and Corporations are taxed at different rates and subjected to different tax reporting procedures, entity selection is one of the most important aspects of effective tax planning. Selection of the optimum business structure requires a careful evaluation of business ownership together with current and projected business income and the nature and scope of business activity.
  • Timing of Business Activities
    Businesses can often significantly reduce tax liabilities though the critical timing of business activity in order to take maximum advantage of the provisions of the tax code. Such activity may involve postponing or accelerating such actions as the purchase of capital equipment, the sale or acquisition of real estate or the collection of payments, among other things.
  • Use of Tax Credits and Tax Deductions
    An important element of any business tax plan is the effective use of tax credits and tax deductions to reduce the sum total of taxes owed. Failing to make maximum use of all available tax breaks automatically means that a business will pay taxes in excess of the amount it would otherwise need to pay.
  • Meeting Filing and Payment Deadlines
    One important aspect of tax planning is to avoid all late filling and late payment penalties by meeting tax deadlines and making the corresponding tax payments at the time they are due. When projections indicate that sufficient funds will not be available to pay the required taxes, an effective tax plan should involve negotiating a payment plan with the collecting tax agency before the payment is due.

Because taxes are one of greatest expenses a business has, effective tax planning is essential to both the profitability and long term success of any business. The accountants and bookkeepers at Orange County Bookkeeping have had extensive experience in the area of tax planning and stand ready to assist your business in developing both short and long term tax planning strategies.

Call us today at 877.889.6527 to inquire about our accounting and bookkeeping services, or fill out the online request form to receive a free, no obligation consultation.

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