Tax Planning
Tax planning is an art. The process and strategies are ever changing depending on the situation and circumstances. There is far more to it than calculations and projections. There is law interpretation and application and how the tax code and regulations are applied to each taxpayer’s given situation. This is why, unless you have engaged a true tax planning professional who has access to sophisticated tax and financial planning software, YOU ARE PAYING TOO MUCH IN TAXES!!!
Most of you probably don’t do any tax planning. Each year you gather your tax information, make a backup of your Quickbooks file or a copy of your other accounting records for your business, maybe complete an organizer supplied by your tax preparer and then send it to him or her. He or she then prepares your business and/ or personal tax return and you pay your taxes or receive your refund accordingly. If you did to some “tax planning” you probably discussed your projected income for the year with your tax professional in November or December and the person advised you to maybe fund your IRA or add more to your 401(K) plan, maybe spend some money on some deductible expenses, perhaps buy that car for the sales tax deduction or some such similar advice. This is NOT tax planning. This is tax projecting with some minimal advice.
At Joseph F. Fragnoli, CPA, PC in Nashville, TN, we gather in depth information from your prior year tax returns, from interview questions that we discuss with you, and from other financial documents and run the information through two different sophisticated tax and financial planning software packages. The output provides us with a detailed plan with supporting code and regulations for the recommended tax strategies. We utilize a number of strategies that few of my peers even know about or ever implement. The purpose behind our planning is not to only spend money on deductions, but to acquire assets that generate tax deductions and to shift non-deductible expenses that you already incur and make them tax deductible. Then, with the tax savings we perform financial planning services in planning for funding for retirement, buying a vacation home, funding for kids’ college and the like. The primary objective is to fund for the future while minimizing the sacrifices to today’s lifestyle.
Let me ask you, do you invest your money in the stock market, real estate, in CD’s, maybe T-bills or just a little savings account. Are you earning 400% on your investments? Why wouldn’t you want to invest in a tax plan that guarantees a 400% return on the plan (based upon projected results from prior year and projected current year income)? We charge 25 % of the projected 1st year savings for our fee. If we devise a plan that will save you a projected $20,000 in tax, you pay us $5,000. So you invest $5,000 today and, based upon the projections, you will save $20,000 in early 2017. That is an excellent return on investment. Why wouldn’t you want to do this? So, if you want to give the United States Treasury the minimum you are legally required to pay and you don’t believe that you currently are operating that way, give us a call at (615) 678-4751 or e-mail me directly at jfragnolicpa@gmail.com. Check out our website at jfragnolicpa.com.
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