What can Tax Planning do for me?

A tax strategist does more than just prepare your annual tax return. They work with you throughout the year. Basic tax planning services can help you accomplish the following:

• Ensure you have paid enough into Federal and State taxes
• Calculate an estimate of what you’ll owe at year-end
• Maximize current deductions and credits
• Minimize your tax liability

Why are these things important?

• Knowing your tax liability BEFORE the end of the year provides SO MANY BENEFITS
• If you owe taxes this year, it’s because you made money this year. And doesn’t it seem WAY easier to pay taxes on that money in the same year you made it (and likely still have some of it), rather than waiting 4 or TEN months down the road when who the heck knows what will be going on!
• You can pay it in before year-end and avoid some unnecessary penalties and interest
• You will remove 90% of the reason you procrastinate on filing your tax return next year!
• You’ve done most of the work at this point - you know what your tax liability looks like, and if you have a business, you have most of your financials for the year in order. 
• Knowing your tax liability allows you to also know what your cash flow AFTER taxes is. 
• Are you short? You know to be careful for the rest of the year
• Do you have more cash than you thought? Let’s figure out what to do with it? Save it? Invest it? Spend it? 
• With EXTRA cash flow comes more opportunities for advanced tax reduction strategies
• Maximizing current deductions and credits
• There are a number of basic deductions and credits that many taxpayers miss. 
• Basic tax planning will ensure you have everything in order before the end of the year to take all the credits and deductions you qualify for
• Especially important for my business owners who could miss opportunities to invest that extra cash into your business for additional tax savings
• Waiting until you file your tax return is too late for most tax saving strategies
• Minimizing your tax liability
• Basic tax planning doesn’t typically dive into this, but it does open the door to exploring advance tax reduction strategies
• Advanced tax reduction strategies can save tens to hundreds of thousands of dollars depending on your specific strategy 

If you are looking for some 1-on-1 advice, my firm, Bree Beers & Associates offers Tax Planning Services. Schedule one here https://breebeerscpa.com/tax-planning/