This scenario will probably sound familiar. Your accountant takes the information you provide to them, they put the right numbers into the right boxes on the right forms and get them filed by the right deadline. It’s like a checklist: check, check, check, and check. Once they have completed your tax return, they move along to the next return checklist and start the process over again. Now, there is value in recording history, and it is very important to do it correctly, but at the end of the day, you want to know more than just how much you owe. You want to know how to pay less in taxes each and every year. That is the very reason why your tax professional should do more than just taxes.
Your Tax Professional Should Do More Than Just Taxes
You Aren’t Getting Tax Planning
You probably back out of your driveway every morning when you leave the house to go to work. What if you continued to drive in reverse the entire way to the office? Sound ridiculous? It would be, but so is having a tax professional that doesn’t offer you strategic tax planning. Even if you think you’re getting proactive tax planning now, you probably aren’t. There is a big difference between tax filing and tax planning. Tax planning is something that should be happening every day for your business.
Some accountants do offer something that they call planning. Likely at the end of the year, you have been provided with year-end projections. This requires your accountant to sit down with a calculator and income statement to determine how much you will owe based on the best estimate of those numbers. Accountants call that planning because it helps you plan for a larger or smaller tax bill. While you certainly appreciate not having a tax day surprise, this sort of year-end process isn’t really planning; it’s merely a projection.
Other year-end suggestions that often pass for tax planning include making a large equipment purchase, establishing retirement plans, making charitable contributions, and similar last-minute moves to take income off a return. While this is closer to tax planning, as it does more than just tell you how much money you’re going to owe, it’s still leaving wasted money on the table for the IRS to take.
You Need A Strategic Tax Reduction Plan
You need a tax professional who offers strategic tax planning. What does that mean? It means a tangible tax plan that you can hold in your hands. A tax plan that strategically tells you what you can do to save money on your taxes. At Financial Gravity we call that your Tax Blueprint®. Every tax reduction strategy we employ in the Tax Blueprint® is sourced and referenced directly to the IRS Tax Code. We know how to use the IRS Tax Code comprehensively to ensure you only pay what you must.
Your strategic tax reduction plan is customized specifically for you and your business. Think of it like going to the doctor; we will diagnose what is wrong, where you are overpaying, and provide you with a solution. If we notice that you are paying too much in self-employment tax, our prescription might be for you to establish an S-corporation. If you have missed medical deductions, your tax plan might suggest that you establish MERP. The tax code exists to help you pay less tax, but very few know how to utilize it.
Sources of tax savings directly from the IRS Code, along with implementation plans, are highlighted and summarized so you can be confident that the savings are real. Every strategy is legal, ethical, and moral.
Keep More of What You Make
What could you do with your business if you kept more of your money? Imagine saving tens-to-hundreds of thousands in taxes every year. Savings like that could change the trajectory of your business. A basic business fundamental is to maximize money coming in and minimize money going out. The easiest way to increase profit is by not spending it unnecessarily on taxes that you don’t legally, ethically, or morally owe.
A Tax Blueprint® from Financial Gravity is the most comprehensive, proven strategic tax plan around. Every minute you wait, more of your hard-earned money being overpaid in taxes. You need a tax professional that will use the IRS Tax Code comprehensively to ensure you only pay what you must.
Stop paying taxes based on where you have been. It’s time to work with a tax professional at Financial Gravity who will help you get where you should be going. To leverage the benefits of the tax code, you must be proactive. A quick free assessment is all it takes to start your Tax Blueprint® process. Give us a call today to see why our Tax Blueprint® comes with a 2X savings guarantee.