Futrli Forecasting and Reporting

TAX PLANNING, REDUCTION & PREPARATION


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TAX PLANNING

TAX PLANNING IS PROACTIVE WHEREAS TAX PREPARATION IS REACTIVE. PLANNING IS THE KEY TO SUCCESSFULLY AND LEGALLY MINIMIZING YOUR TAX LIABILITY. THERE ARE MANY TAX SAVINGS STRATEGIES WHICH REQUIRE YOU TO LEVERAGE COMBINATIONS AND IMPLEMENT CHANGES BEFORE YOU’RE ALLOWED TO START REAPING THE REWARDS.

IF YOU’VE MAINTAINED STATUS QUO AFTER THE TAX CUTS AND JOBS ACT OF 2017, IT’S HIGHLY LIKELY THAT YOU’LL WIND UP OVERPAYING IN TAXES. AT THE VERY LEAST, YOU’LL NEED TO COMPLETE A NEW REASONABLE COMPENSATION TEST. AND IT LIKELY MAKES SENSE TO CHANGE OR REVOKE YOUR CORPORATE TAXATION, SHIFT INCOME TO A SECOND ENTITY, ETC. A FREE REVIEW CAN’T HURT; YOU’LL EITHER VALIDATE YOUR CURRENT STRATEGY OR CLARIFY YOUR NEED TO UPGRADE ACCOUNTANTS.


TAX PREPARATION

THERE ARE NUMEROUS CONSTRUCTION, REAL ESTATE AND TECHNOLOGY INDUSTRY SPECIFIC TAX CREDITS AND DEDUCTIONS DESIGNED EXPLICITLY TO STIMULATE INDUSTRY GROWTH. IF YOUR TAX ACCOUNTANT IS NOT AWARE OF THESE TAX LAWS, THEN THEY HAVEN’T COMPLETED AND ATTACHED THE CORRESPONDING FORMS TO YOUR TAX RETURNS FILED WITH THE IRS. YOU DON’T RECEIVE THE TAX BENEFITS IF YOU DON’T INCLUDE THE FORMS.

IF THESE OPPORTUNITIES WERE MISSED, WE MAY BE ABLE TO AMEND YOUR HISTORICAL TAX RETURNS GOING BACK A FEW YEARS AND CLAIM REFUND CHECKS. IT’S LIKELY THERE ARE MISSED OPPORTUNITIES IF YOU’RE WORKING WITH A GENERALIST TAX PREPARER RATHER THAN AN INDUSTRY SPECIALIST.

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TAX RESOLUTION

IF YOU’VE GOT A TAX MATTER TO RESOLVE, THE TAX LAWS AND IRS PROCESSES ARE VERY CONFUSING IF YOU AREN’T A TAX PROFESSIONAL WHO’S IMMERSED IN IT DAILY. I CAN HELP ALLEVIATE YOUR BURDEN AND PUT AN END TO THE MISERY THAT THE IRS CAN PUT YOU THROUGH.

IF THE IRS SUMMONS YOU FOR A TAX AUDIT, I CAN HELP CLEANUP AND GATHER YOUR RECORDS TO DEFEND YOUR CASE, NEGOTIATE DIRECTLY WITH THE IRS ON YOUR BEHALF, MINIMIZE YOUR PENALTIES AND TAX LIABILITY TO ACHIEVE AN OPTIMAL OUTCOME.

I CAN NEGOTIATE AN AGREEMENT WITH THE IRS ON YOUR BEHALF TO SETTLE FOR PENNIES ON THE DOLLAR, ESTABLISH A PAYMENT PLAN, AND/OR RELEASE LIENS AND LEVIES.

SOFTWARE DEVELOPMENT R&D TAX CREDITS

Nowadays most businesses manage operations with software.

Software has returned great efficiencies to manage and execute operations.

The development of these software programs generally qualifies for R&D Tax Credits.

This includes both new software and improvements to existing software.

Congress created this benefit in 1981 but didn’t make it permanent until 2015.

This is not an income tax credit; it is a payroll tax credit, which you may carry forward.

The payroll tax credit qualifies on up to 65% of your total R&D costs, with additional limits.

What would you do with $10k’s more in cash flow every year if we claimed them for you?

Would you also like to learn if you qualify for IRS refunds for prior years R&D costs?

John can help by reviewing your business’ financial statements for opportunities.