Tax Planning Services

If you’re like most business owners, you waste thousands of dollars every year in taxes you might not need to pay.  You may even be overpaying your taxes in the tens of thousands or even hundreds of thousands.  I've actually been involved in tax planning where I've seen business owners overpaying taxes in the millions of dollars.

Let me ask you some important questions...

• Are you satisfied with the taxes you pay?
• Are you confident you're taking advantage of every available tax break?
• Is your tax advisor giving you proactive advice to save on taxes?

I'm willing to bet that you probably pay too much in taxes and that you probably are not taking advantage of every tax break you can.  Even if you have a tax preparer, the reality is that most tax preparers do a poor job of actually saving their clients money.  I mean, when was the last time your tax pro came to you and said "here's an idea I think will save you some money?"

If you could do some effective tax planning, what could you do with the money you're potentially wasting in taxes?  Save it for retirement?  Put your kids through college? Take a dream vacation?

The solution to this is to perform effective, comprehensive, and proactive tax planning.  I'd like to emphasize that I described effective tax planning as being proactive, not aggressive or unethical.  I'm NOT talking about aggressively pushing limits, stretching deductions, stretching definitions, and pushing into gray areas.  I'm simply talking about proactive planning which means examining your facts and circumstances to find every black-letter, legitimate tax benefit for your business and your family.

Most small businesses overpay their taxes because they do not take advantage of all the tax incentives available to them.  They simply do not know what they do not know.  And I don't blame them because it is nearly impossible to keep up with complex and changing tax laws if you're not dedicating your full-time career to it.

The basic premise here is that you want to be aware of the fact that as a business owner, you may have opportunities to do some effective tax planning.  You want to be proactive in this regard because there is real money at stake.  The opportunity cost of overpaying taxes is even higher when you consider that you could intelligently invest that money or and earn a rate of return on the principal.   The bottom line is that for taxpayers that are not aware of new tax laws or tax planning principles and strategies, they run the risk of making mistakes which could cost them real money.  The cost of engaging a tax professional can be a bargain relative to the tax savings you might benefit from.

Our tax planning and tax coaching service is unique and delivers real value to our clients.  Some clients have realized tax savings in excess of 20 times what we billed them in fees.  That is what I call an immediate Return On Investment.  You need to know that there are tax planning opportunities that are enduring over time.  And there are new tax planning opportunities which arise from continuous changes in the tax law.  A sample tax planning engagement with our firm might look like this:

Phase 1 -   Review of your facts & circumstances and prior year tax returns.  The objective here is to gain an in-depth familiarity and understanding of your "tax picture" to see where you have been and where you are now.  Have you missed any opportunities in the past which you might benefit from by amending a prior year tax return?  Our detailed review during phase one lays the foundation for the next phase.

Phase 2 - Qualitative tax plan and discussion/consultation.  A "qualitative" tax plan is a document which outlines actual ideas and strategies you might benefit from.  After reviewing your information in phase 2, we present suggestions (backed up with IRS Code, IRS Regulations, and citations to support the strategies suggested).  Our deliverables to you during this phase are unmatched.  Even more importantly, our consultation with you during this phase is extremely valuable.  We estimate potential tax savings and help you conceptually apply tax planning recommendations to your actual business and life.

Phase 3 - Quantitative tax plan and discussion/consultation.  A "quantitative" tax plan is a document which illustrates what the numbers look like when you decide on which ideas you may want to implement.  How much money will you save?  Will some ideas benefit you on an ongoing, recurring basis?  If so, what will future years look like?  We answer these questions by creating a detailed tax projection.  Once again, our deliverables to you during this phase are unmatched.  Even more importantly, again, our consultation with you during this phase is extremely valuable. 

Phase 4 - Implementation.  We assist you to implement the ideas and help you realize the benefits of effective tax planning.

For those we accept as tax planning clients, our objective is to save them significantly more in taxes than our overall fees.  During a free initial consultation, we can help you determine if you might be a good candidate for our tax planning services.

Contact Us for a FREE Initial Consultation

If you would like to schedule a Free Consultation to learn more about the tax preparation and tax planning services we offer to Northern Virginia businesses and individuals, send us an e-mail or call Rohit Kalra, CPA today at 703-348-0622 to schedule a convenient time.