We can say without hesitation that a professional tax plan can put the taxpayer, not the IRS, in control. Adequate tax planning throughout the tax year is critical to eliminate the possibility of tax underpayment.
Tax underpayments can result in interest and penalties. We will also make sure that you are not paying in too much throughout the tax year and giving the IRS and interest-free loan.
At APA Tax Accountants our proactive tax planning helps you managing future savings (college, retirement, etc.), deductions, exemptions, tax preferences and income recognition. For example, when it comes to taxes, the right timing of a business related purchase can have a beneficial effect on your cash flow and annual tax bill. We can help you plan the timing of business purchases to achieve the best financial tax result. Following are some of the processes we will perform to help you put together the appropriate tax plan for your circumstances.
- TAX WITHHOLDING REVIEW - to evaluate if your employer withholds enough from your paychecks to avoid a big tax balance due next year.
- ESTIMATED TAX REVIEW - to evaluate if you need to make addition estimated tax payments on income not subject to withholding to avoid tax penalties when you file your return.
- TAX-EFFICIENT SAVINGS REVIEW - to evaluate your personal tax situation so you can take advantage of tax deductions and exclusions that were created by Congress to encourage taxpayers to save for the future.
- ASSET PURCHASE AND DEDUCTION REVIEW - to evaluate the most beneficial timing of asset purchases to gain the maximum current and future tax benefit.
- INCOME PLANNING REVIEW - to evaluate the timing of income recognition where possible and have that income subject to the lowest available tax rates.