A Brief History of Solutions
Tax planning is defined as the process of looking into various tax options for determining whether, when, and how to conduct personal transactions or business to reduce tax liability or eliminate it completely. As a business owner, tax planning is very important and getting a good advice is essential because tax planning is an ongoing process. Whether you have a small, medium, or large business, it is your greatest benefit to review your monthly income and expenses, and regularly meet with your tax advisor or CPA every quarter to make an analysis on how you can take full advantage of the credits, provisions, and deductions that are legally available to you.
Remember that tax avoidance planning is legal but tax evasion or the reduction of taxes through concealment, deceit, or subterfuge is completely illegal. What actually sets tax evasion from tax avoidance is that the IRS find the action or intention fraudulent. When it comes to IRS assessments, IRS examiners will check any possible fraud in four areas including failing to report substantial amounts of income, accounting irregularities, claims for improper or fictitious deductions on a return, and improper allocation of income. Failing to report a portion of your daily business receipts or shareholder’s dividends is fraudulent and may lead to a tax evasion case. Travel expenses that are overpriced or stated and a large reduction in the taxpayer’s claim for charitable contributions are also fraudulent activities that may lead to tax evasion case. Another type of fraudulent activity includes failure to keep adequate financial records or discrepancies on tax returns. An example of improper income allocation is distributing earnings to a lower tax bracket taxpayer such as the shareholder’s children.
A tax planning professional can help you by finding the right tax planning strategies. A tax planning professional can help you in reducing the amount of your taxable income, lowering your tax rate, controlling the time when you can pay your taxes, controlling the Alternative minimum Tax effects, claiming available tax credits, and avoiding the most tax planning mistakes. If you are looking for a trusted, reputable, and reliable tax planning professional in Foxborough, we can help you by visiting our website or homepage now. We are a tax planning and tax returns professional who can help you with your business. Getting a professional tax planning professional can help you in developing tax planning strategies that are legally acceptable and recognized. It is our dedication, commitment, and passion to provide excellent tax planning services to our clients in Foxborough and its surrounding areas with full confidence and expertise.