TAX PLANNING FOR YOUR BUSINESS
Businesses today have to adapt constantly on all fronts just to survive, let alone prosper. Every year, the tax laws change, and authorities release reams of information regarding rulings, regulations and guidance. Then there’s the fluctuating economy, which seems to sputter when you need it to rev and rev when you’re prepared for it to sputter. As a result, the markets are in a state of constant flux.
As your business evolves, your opportunities grow, but so do your responsibilities. To ensure that you’re managing both your personal and business taxes to provide you the edge to succeed, you need someone to keep an eye on your taxes all year, not just during tax-filing season. You need Edofalltrades.
THE GOALS OF TAX PLANNING
We provide tax planning services that look at your finances in a holistic way, not as piecemeal numbers on a page. We can advise you on the best strategies for achieving your financial dreams. With an in-depth knowledge of the tax laws, our accountants consider future possibilities that serve your needs. We guide you through strategies regarding income, estate planning, retirement and international issues, ensuring you’re confident and informed every step of the way.
In particular, Edofalltrades recommends ways to:
• Reduce your income taxes
• Grow and preserve your wealth and your assets
• Reduce taxes on your gifts so you can give more
• Reduce your investment taxes
• Defer income so you can keep your money now and pay less in taxes later
• Do some retirement planning so you can enjoy your later years
• Reduce your estate taxes, which helps your family when you’re gone
TAX PLANNING STRATEGIES
Your personal accountant at Edofalltrades works to strategically align your personal and business vision with current regulations. These strategies minimize your liability and grow your ventures. We make your wealth work for you by optimizing such tax strategies as:
• Identifying tax credits. We constantly master the most up-to-date credits available for your tax plan.
• Guiding your investments. We advise you on investments that generate tax-exempt income.
• Providing transaction consultation. We deliver expert transaction consultation for all sales, expansions, mergers and acquisitions.
• Deferring tax liabilities. Through smart investments in and contributions to your pension plans, your tax liabilities can be adjusted to serve your best interests.
Tap into the expertise to anticipate opportunities and risks around every corner. You can pay the lowest legal taxes allowable each year because we master all current tax codes and laws. It’s all part of the package when you hire Edofalltrades.
YEAR END TAX PLANNING
We focus on your marginal income at the end of every year to legally manipulate your income against other financial decisions — such as a major medical procedure — to put yourself in the best tax bracket for overall income. We guide you through potential deductions, showing you how to use them to your advantage.
There are numerous end of the year tax planning considerations, including:
• Bonus deferral. It may make sense to wait to accept your annual bonus in the New Year, so you don’t push your income into a higher tax bracket.
• Clever credit card use. Using a credit card to pay deductible expenses at the end of the year increases your annual deductions without having to pay them off until the next year.
• Bunching deductions. This strategy may allow you to save on your taxes because some are applicable only if they exceed a certain percentage of your gross annual income.
• Settle insurance claims. If you have a casualty loss deduction, settling a claim could help increase this overall deduction.
• Roth conversion. Sometimes, converting an IRA to a Roth IRA (or vice versa) can prevent you from paying higher than necessary taxes at the end of the year.
• Postpone income. Marginal income can be postponed until the following year to keep it from pushing you into a higher tax bracket.
• Annual gift tax exclusions allow you to give money to individuals and save on estate taxes.
ESTATE TAX PLANNING
Regulations for estates are constantly changing. We help you preserve your family wealth through vigilant and proactive approaches to estate management. Whether you’re looking to minimize the tax impact of gifts, pass wealth throughout generations or fulfill philanthropic dreams, your estate tax plan can be customized to reflect your personal goals.
No matter where you are in the estate tax planning process, we provide exactly what you need, such as:
• Reviewing current estate plans
• Creating estate tax plans
• Implementing and executing the plans
• Managing the plans — even bridging generations involved
Your team at Edofalltrades ensures you maximize the benefits and minimize the impacts of your estate planning process, every step of the way. It’s never too soon to start planning.
INCOME TAX PLANNING
With the complexities of business and personal income, you may think that they need to stay separate. While they are two distinct entities, they both need to serve you. We look beyond the numbers to find new ways to make your wealth grow. To do it, we study where your personal and business income intersect.
Income tax planning should be a year-round activity, as your finances can be reviewed and adjusted throughout the year. Paying the least amount of taxes legally possible requires careful planning. We are proactive about maximizing tax saving strategies that save you money, setting up both you and your business for success.
INTERNATIONAL TAX PLANNING
Today more than ever, individual and business finances — and taxes — are crossing borders. The intricacies of international tax planning are evolving alongside globalization.
Our team of international tax specialists provide international tax planning strategies for:
• Expansion, mergers and acquisitions. We not only keep you abreast of the most current regulations, we prepare you for future uncertainties
• Treaty planning. Expertise in tax treaties is integrated at every step of the tax planning process to minimize liability and guarantee compliance.
• Foreign tax credits. We keep you informed about your currently available foreign tax credits.
• Reparation compliance. Compliance experts carefully ensure that both personal and business tax planning are optimized in your favor.
• International strategizing. The extensive knowledge and diligent research of Edofalltrades’ experts can help you prepare your budgets and plans for the year ahead.
We are forward-thinking financial experts who provide recommendations that suit your interests. Whether you want to expand across town or across the globe, you need accountants who know what you can expect and how you can take advantage of every opportunity. It starts with planning. Talk to us today to get started.