I find myself repeatedly telling people at networking events or other speaking opportunities that tax planning can produce a significant return on your investment. Proper tax planning using well documented and vetted strategies can yield a business or individual significant tax savings. We at Joseph F. Fragnoli, CPA, PC in Nashville, TN feel that tax planning has become so specialized that I made the decision to separate that part of the business and establish a niche company that does nothing but tax planning services. As stated in a prior article, my other company, Pinnacle Tax Planning Services, Inc., subscribes to a state of the art tax planning software that takes tax planning to an extraordinary (“pinnacle”) level.
In the first plan we performed under this new software we established strategies that can save the client up to $60,000 in projected tax liability depending on how many of the strategies the client chooses to implement. The best part is that the bulk of the plan does not require incurring expenses, rather it is redirecting money to a revised retirement plan structure and a strategy for employing teenage children. So the taxpayer invested less than $1,500 for the plan and can save approximately $60,000 in taxes if the plan is implemented. As the title says “Tax Planning – Significant Return on Your Investment”. The plan document, which is fifty-four pages, has a complete breakdown of the plan options and strategies, the underlying Internal Revenue Code support and related treasury regulations. We assist with the implementation procedures and make the process as easy on the client as possible.
I stress to prospects all the time, you can make my Firm a profit center or a cost center. Compliance services are a necessary expense. We all have to file our tax returns and perform the related accounting services. However, there are many opportunities provided to business owners and employees alike in the tax code and related legislation that too many taxpayers are not taking advantage of and, thus, are paying too much in income taxes. The IRS is not going to come knock on your door and tell you that you are missing eligible deductions and/ or credits. Furthermore, there are many opportunities to establish a small business that would permit the deduction of otherwise non-deductible expenditures. I showed a prospective client a business opportunity that absolutely has economic intent to generate income, and that if he participates in this enterprise, he would be able to deduct certain expenses that he already incurs and are deemed personal in nature and would save him in excess of $2,200 in taxes which is nearly $2,000 above and beyond the cost of the start-up expense. www.goldbuildersystem.wordpress.com
I cannot go into too much detail in this article, otherwise I would be giving away my secrets and ideas. However, suffice it to say, that these strategies are all conservative in nature and well within the tax law. So, if you find yourself complaining about all the taxes you have to pay, stop and seek out a tax planning specialist (a CPA, EA or tax attorney) and do something about it. If you would like any more information on the services or opportunities discussed in this article, please feel free to contact me directly at firstname.lastname@example.org, email@example.com or call me at (615) 513-5522.