What Is a Proactive Tax Strategy?
Tax strategies are financial plans that help a company be tax efficient all year. By making certain changes, companies of all sizes can reduce the amount of taxes that they owe. These strategies can be implemented throughout the year to make lasting changes to a business’s taxable income and other tax-related expenses.
Proactive tax planning is an ongoing process. Although we initially develop your tax plan, we continue to check in quarterly to determine the plan’s efficacy and adjust as needed. This helps to inform future plans and ensure that your strategy is as effective as possible.
There are many different strategies that can help companies save money on their taxes. Unfortunately, most businesses are not using these strategies to their full potential. We can help rectify this situation for your business.
Why Do I Need a Tax Planning Strategist?
Taxes are complicated, especially for businesses and corporations. Attempting to navigate your business’s taxes is difficult. Implementing ongoing changes to optimize the amount that you owe is even more so. If you try to strategize alone, you may make mistakes that can lead to penalties, legal claims, and other unforeseen issues.
A professional tax planning strategist aims to minimize the taxes you owe by bringing a professional eye to the situation. We have a firm understanding of business tax law as well as the deductions and exemptions that many businesses miss. Because we have this experience, it is easy for us to identify areas where your company can save on taxes.
Additionally, we can ensure that the changes you make are sustainable and only have a positive impact on your company.
Hiring a professional tax planning strategist often saves more than you spend. Our clients agree that our tax planning advice is a worthy investment.
Tax Services FAQs
Q: What Are the 3 Basic Tax Planning Strategies?
A: The three main ways to save on taxes include:
- Minimizing your company’s taxable income
- Increasing your company’s tax deductions
- Utilizing tax credits
Although this seems straightforward, executing these goals requires a unique approach for every company. If you are looking to implement these tax planning strategies, it is a good idea to use a strategist from Outsourced CFO Solutions, Inc. We can offer insight that may otherwise be lost if you attempt to plan your taxes on your own.
Q: What Is Proactive Tax Planning?
A: Proactive tax planning involves making changes throughout the year that will benefit your tax return during tax season. When tax season arrives, there is only so much your accountant can do to reduce the amount that you owe and maximize your return. However, if you make intentional changes before tax season arrives, it creates more opportunities for your accountant. Many accountants do not offer tax planning strategies, but our team at Outsourced CFO Solutions, Inc. does.
Q: What Are Tax Reduction Strategies?
A: Minimizing your taxable income is one way to owe less in taxes. Most companies do this by making thorough deductions and claiming expenses. There are also tax credits for which your business may be eligible.
When you work with our team at Outsourced CFO Solutions, Inc., we can alert you to tax reduction strategies for which your business may be eligible. The strategies that work for your business will be different from those that work for another business.
Q: What Are Three Examples of Tax Planning?
A: Three examples of tax planning include:
- Strategic charitable contributions that your company can deduct from your taxable income
- Depreciation deductions for assets that depreciate in value over the year
- Industry-specific tax breaks that may apply to your business
There are hundreds of options that may work for your unique tax plan. Our team can help you review your options and create a plan that is tailored to your business. A personalized tax plan maximizes your savings and explores all tax-saving options.
Contact Outsourced CFO Solutions, Inc.
Our team at Outsourced CFO Solutions, Inc. provides professional tax planning services for companies of all sizes and in all industries. If you are curious about how your company can save more money on taxes, you can trust us to guide you in the right direction with a personalized tax plan.
For more information, or to schedule a consultation with our team, contact Outsourced CFO Solutions, Inc.
