When you develop a successful business, taxes become one of the largest annual costs you have to manage. Unlike with other business expenses, we often see very little attention paid to this cost until it’s too late (after the year-end is done).
We encourage our Clients to think about tax planning as part of the annual budget process. We want you to understand your tax options while there still is time to do something about those options.
Business tax planning often spills into personal tax planning. Many Clients we work with have their businesses in corporate structures that cause taxes to be paid on a personal basis (LLC, S Corporation, Partnerships). In those cases, we work with you to help manage both your personal and business taxes in an integrated manner.
Our goal when working on tax planning is to help you decide whether the available tactics and strategies will make your life better. None of our Stage 2 Advisors are licensed to practice with the IRS. For this reason we always help you coordinate your actions with your attorney and tax specialist when working on tax planning.
Some of the activities we see when we work with our Clients on tax planning are:
- Formation of captive insurance companies
- Use of multiple corporate structures
- Examination of the type of corporate structure in place
- Capital acquisition strategies
- Legitimate business deductions
- Strategies on the sale of a business
- Tax strategies on the purchase of a business
- Fixed asset depreciation strategies