Information for
Business Owners & Entrpreneurs
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Tax Planning
Let’s have a conversation.
You: I have a CPA.
Me: That’s great! But do you know there is a difference between “tax planning” and “tax preparation”.
You: Huh?
Tax preparation: is the reactionary but legally required act of accounting and submission of your company’s annual revenue to determine the IRS’s portion of your profit. In preparation you are only documenting what happened in the past.
Tax Planning: is the proactive practice of designing and implementing a set of legal strategies, using the rules from the tax code, to arrange your affairs in a way to minimize tax. Planning is forward looking with the result of keeping more of your profit.
Note: The result of good tax planning is the reduction of what you send to the IRS during tax preparation, keeping more of your hard earned profit.
With less than 12% of business owners having completed and implemented a tax plan, the uniqueness of entrepreneurial wealth management often starts here. When it comes to wealth management for business owner’s, tax planning has a significant, semi-immediate (12 to 18 months) and residual (annual) increase in an entrepreneur’s income.
By starting with tax planning we begin to unlock a business owner’s financial potential without increasing sales, services and management workloads. Rather, working hand-in-hand with entrepreneurs we increase annual income for the purpose of savings, business succession, growth and retirement.
Deduction Review
- Home Office
- Travel Expenses
- Meal Categories
- Hiring Children & Grandparents
- Maximize Depreciation
- Health Care Strategies
- Fringe Benefits
- Accountable Plans
- Medical Reimbursement Plan
- Home Administrative Office
- And More
Legal Entity Review
- Sole Proprietorship
- Partnership
- C Corporation
- S Corporation
- Multi-entity Considerations
- Non-Income Considerations
- QBI Deduction Review
- Multi-Owner Considerations
Retirement Review & Tax Planning
- Profit-sharing
- Retirement Plan
- Traditional 401(k)
- Roth 401(k)
- Cash Balance Plan
- Self-Directed Retirement Funds
- Defined Benefit Plans
- 412e3 Plans
Asset Protection Considerations
- Tenancy By Entirety Review
- Homestead Exemption
- IRA
- Roth IRA
- Statutes & Special Provisions
- Life Insurance Proceeds
- Life Insurance Cash Value
- Annuity Cash Value and/or Payments
Tax Cuts & Jobs Act Review
- 199A
- C-Corp Tax Rate
- Opportunity Zone Credit
- Favorable Depreciation Rules
- Non-Grantor Trusts and Section 199A
- Non-Grantor Trusts and Section 1202
- C Corps and the “GILTI” Tax
- C Corps and FDII