Is Your CPA Providing the Tax Planning Your Business Needs?
A large number of business owners believe that their CPA firm is giving them expert tax and business advice without reviewing their credentials. Their reasoning is that they feel comfortable when they deal with their CPA firm during tax season.
They may also have been with the same CPA firm for a number of years without experiencing any problems with their Federal or State tax returns. Unfortunately, some of these business owners may still be paying more Federal taxes than they are required by law to pay.
This is where proactive tax planning with an experienced certified public accounting firm can make a meaningful difference.
Tax Preparation Is Not Tax Planning
Proper tax planning looks for opportunities to legally reduce your tax liability before important financial decisions are made. Depending on your business and individual circumstances, your CPA may need to evaluate:
- The type of business entity you operate
- 401(k), SIMPLE, and other retirement plan opportunities
- Deferred compensation planning
- Purchasing or leasing equipment
- Purchasing or leasing trucks and automobiles
- Other business decisions that could affect your tax liability
Business owners should also understand the credentials and tax-planning experience of the CPA advising them. A history of accurate tax returns doesn’t necessarily mean your CPA is actively looking for tax-saving opportunities throughout the year.
Work With Tax Planners, Not Just Tax Filers
At DeSantis & Company PC, we have provided tax planning and accounting services for more than 30 years. Our goal is simple: help our clients make money and keep more of it through proper tax planning.
Contact us at DeSantis & Company PC to schedule a free consultation and learn more about our approach to business tax planning.