Strategic Tax Planning Isn't Only for Big Companies

There is a common misperception that strategic tax planning is reserved for the ultra-wealthy, a luxury that only they could afford—but nothing could be further from the truth. In fact, that whole idea that strategic tax planning is only for big companies is a tax myth. While it is true that big companies can afford a slew of lawyers all sitting around a table, brainstorming ways to pay less taxes, small business owners can get the same benefits.

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strategic tax planning in 2018 and why you need it this year more than ever

The good news is that the new tax law, the Tax Cuts and Jobs Act, includes lower tax brackets and a near doubling of the standard deduction. However, there is also much uncertainty looming regarding the new tax law, as several provisions within the Tax Cuts and Jobs Act (TCJA) remain unclear. Changes to income, confusion regarding itemized deductions for state and local taxes, and other unclear provisions have already caused some taxpayers complications. The new tax law makes strategic tax planning for 2018 more important than ever.

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adjustments to income standardized and itemized deductions

Paying your taxes isn’t something that is optional, but one area where you do have a choice is how you decide to approach your tax deductions. After determining your total income, adding up all the sources of income and subtracting any adjustments to income, you will need to decide which deduction option to choose.

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strategic tax reduction planning

Business taxes don’t happen just once a year, and neither should strategic tax planning. Everyone likes to save money, and you could start saving right away with a Tax Blueprint® from Financial Gravity. Think of your taxes like an illness. You wouldn’t wait to go to the doctor if you were sick, so why are you waiting to start your strategic tax reduction planning?

Now is the Time for Strategic Tax Reduction Planning

Your cure starts with a diagnosis from a Financial Gravity team member to discover what’s causing your tax pain. From there we can create your strategic tax plan, in effect filling your prescription and making a plan to relieve your pain. Once you have your diagnosis, your Tax Blueprint®, we can implement changes that will save you money. The tax code is long, complicated, and overall, not a fun thing to read. Strategic tax planning could be the step you need to take in order to save money in taxes every year.

Proactive Tax Planning

Are you confident that you are taking advantage of every tax break available? The majority of CPAs do not do any proactive training, in fact, most work in reverse. They work historically, completing tax returns that only reflect where you have been, instead of where you want to be going. If you are only looking behind you, then you aren’t planning for the future.

There is no one-size-fits-all approach when it comes to strategic tax planning, which is why the Tax Blueprint® from Financial Gravity is customized specifically to you and your business. The easiest way to increase the profit for your business is to minimize the money going out, ensuring that you aren’t spending any money unnecessarily. While some taxes are necessary, it’s likely that your business is paying more than what is legally, ethically, or morally required, simply because most tax advisors aren’t trained to think proactively. The good news is that you don’t need to wait to start realizing these savings. Every minute you wait means more of hard earned money spent overpaying taxes.

Start Saving Now

For most small business owners, taxes are your single biggest expense. That expense is likely to only grow bigger if you don’t have a sound strategic tax plan in place. If your current accountant, bookkeeper, or tax preparer has not given you at least one idea that saves you a minimum of $1000 in taxes every year, then now is the time for strategic tax reduction planning from Financial Gravity.

We offer strategies that can be implemented right away, from writing off your swimming pool, renting your house to yourself, or hiring your own children. These are surprisingly simple strategies that small business owners can legally use to reduce their taxes. Some strategies will serve you better when you reach a certain threshold, but that’s exactly why your Tax Blueprint® is created specifically for your business. All business owners need a solid strategic tax plan, and we can start working with business owners in their first year of business.

Following our strategies will save you money without increasing your risk for audit. When you receive your Tax Blueprint® you will see every tax reduction strategy we employ sourced and referenced directly to the IRS Tax Code. Along with the tax savings, you will also see implementation plans that are highlighted and summarized so you can be confident that the savings are real and the strategies are legal, ethical, and moral.

Business owners are told a lot of myths surrounding taxes, myths that could be holding them back from bigger business growth. We separate the wheat from the chaff, breaking down the myths that could be sabotaging your business. A Strategic Tax Plan is a true “business fundamental,” and odds are you don’t have one.

Note Changes in Tax Law

The tax code exists to help you pay less in taxes, but you have to know how to utilize it. That’s where strategic tax reduction planning from Financial Gravity comes in. We comprehensively use the IRS Tax Code to ensure you only pay what you must. When you sign up for our Tax Blueprint® you receive a strategic tax reduction plan that is customized specifically to you and your business. The sources of tax savings, directly from the IRS Code, are summarized in your plan so you can be confident that the savings are real.

Don’t procrastinate your strategic tax reduction planning. Start planning now to see the maximum tax benefits. Financial Gravity knows that to leverage the benefits of the tax code you have to be proactive. Contact us today to get your own strategic tax plan and see why it is truly a business fundamental!

Financial Defense and Financial Offense

Football fans will probably recognize the saying “offense sells tickets; defense wins championships.” In the game of finance, offense is the ability to make more money while defense is all about how money is managed. So the question is, in the game of finance, does offense or defense matter more? Turns out that to win football championships, as well as finance, you need to be good at both offense and defense. Much like football, if you want to increase the money your business makes, as well as learn how to keep it, you have to know the rules, have a strategy and play both offense and defense to win your financial game.

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How failing to plan for 2018 taxes is planning to fail

Keeping a shoebox full of wadded-up receipts and tax documents and then rushing to your tax preparer at the last moment isn’t going to give you the tax results that you want. No matter how much you dread them, taxes aren’t something you can think about just once a year. Failure to plan is planning to fail. That phrase applies to many aspects of your life, including your taxes. Instead of crossing your fingers and hoping for the best, you can avoid tax-time failure with the right planning. Decide now what you want and how to plan for 2018 taxes.

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When you hear the words “proactive tax planning,” it’s tempting to think of a team of high-powered accountants, financial advisors and tax lawyers working for a large company in a high-rise building somewhere. These setups are known as a “Family Office,” generally utilized by wealthy individuals, families, and entrepreneurs with a net worth of at least $30 million.   Read more

The new Tax Cuts and Jobs Act of 2017 focuses on tax cuts for C-Corps mostly. Yet there are definitely provisions which mean good news for small business owners.

Most small businesses in the U.S. are ”pass-through entities” (partnerships, limited liability companies or S Corporations). Income from these business structures is taxed at individual tax rates, which are changing with the new tax bracket structure. Also, the new tax law is adding a new deduction on Qualified Business Income (QBI). Read more

Do you know how the tax system really works? They say that the way to beat a system is to understand it from the inside out. With that in mind, here’s a quick primer on how your taxes are calculated. Read more

It’s 1715 in the Caribbean and the Golden Age of Piracy is at its peak. The War of Spanish Succession is over, and thousands of privateers are left without gainful employment. From bases hidden away in the Bahamas, buccaneers like “Calico” Jack Rackham, “Black Sam” Bellamy, and “Black Bart” Roberts gather those sailors under new commands to terrorize the seas. (Edward Teach, better known as Blackbeard, ties burning fuses into his hair to look more fearsome.) While there are never more than a few thousand pirates active at any given time, their legend will live on for centuries.

What do you call a pirate with two arms, two legs, and two eyes? Rookie!

Historians generally agree that the Golden Age of piracy “walked the plank” by 1730. At that point, European nations could deploy their navies to protect merchants, rather than fight each other. But pirates never fully disappeared. And our federal tax code — which some foes attack as its own form of piracy — may be making recovery even harder for the victims. (We all know auditors wear suits and skirts to the office. But don’t you think at least a few of them would rather raise revenue by donning a pirate sash, grabbing a cutlass, and swinging from the nearest yardarm?)

Does it strike you as odd that the “Pirates of the Caribbean” DVD comes with anti-piracy warnings?

Last month, the nonprofit group Oceans Beyond Piracy released their 2017 State of Maritime Piracy report. They found 71 pirate attacks in the Caribbean — a staggering 163% increase over 2016. 59% involved robberies on yachts, while the rest involved commercial vessels. There were 40 robberies, 17 failed attacks, 13 armed robberies, and 1 hijacking attempt. The pirates made off with $692,000 worth of ship stores and equipment and $257,000 worth of personal effects. Sadly, the report doesn’t tell us how much of that loot wound up buried in wooden chests or identified on maps with “X” marking the spot.

Why do pirates read? For the arrrticles!

The tax code has always allowed itemized deductions for personal casualty losses, including shipwrecks. However, the Tax Cuts and Jobs Act of 2017 limits those losses to casualties resulting from federally-declared disasters. The new law doesn’t change the theft-loss rules. But it essentially doubled the standard deductions, which should cut the percentage of taxpayers who itemize from about a third to about a tenth. (Of course, taxpayers who can afford a yacht large enough to attract a pirate’s attention probably aren’t suffering from a shortage of tax breaks!)

How do pirates talk to each other? With an Aye Phone!

Here’s the good news, matey. You don’t have to settle for letting the scallywags at the IRS take more of your doubloons than the law allows. And you don’t need a man-of-war to stop them. You just need a plan! So call us when you’re ready to pay less, and let us help you make your treasure grow!