No Tax Planning - Dirty Dozen Tax Mistakes
Taxation  / by   mjmccormick

You’re probably wondering if the tips at the end will be worth it. Let’s run this down and I’ll let you decide for yourself whether these powerful strategies are worth learning and preventing for your business and entities.

By hastily ignoring the importance of effective tax planning strategies, you’re making the biggest and most expensive tax mistake business owners can make.

1) Genuine tax planning is your key to your financial offense

By thoroughly strategizing your tax, you’re putting yourself in the driver’s seat. Taking control of your situations and conditions, deciding what strategy to put in your businesses.

a) Medical Expense Reimbursement Plan in Sole Proprietorship

Converts your post-tax dollar to pre-tax. This is a GUARANTEED tax saving.

b) ESOP (Employee Stock Ownership Plan)

Defer tax on sale and set up an ESOP to gain capital and retain control. This is GUARANTEED tax planning.

2) Tax planning strategies are the silver bullet against the IRS.

Chief Justice Rehnquist has said that there’s nothing wrong with a strategy to avoid the payment of taxes. The internal revenue code has no objection towards that.

Interestingly enough, in contrast to Americans, Europeans have the patriotic mindest to pay as much taxes as they can, while in America, it’s a spectator sport.

3) In the end, the key is to keep more of what you make.

Everything that directly correlates to business is all about the strategy and knowing what types of development you want to implement and how the strategy works on it. How can you implement that, and is it right for you?

4) Tax planning strategies are very customized.

Some strategies and plans may not be right for everybody. Some plans can be more costly in some situations compared to others.

Tax planning strategies are very unique to every individual’s situation and private life, along with the status of the business and what it does.

There’s always an expert in everything. Whether it’s food, tax, planning, medical care, and even changing the oil in your car.

If you do it yourself and accidentally mess it up, you might not be able to make it up. That’s why it’s best to leave some matters in the hand of the experts that are well knowledged in its designated specific areas.

If you’re changing the windshield wipers, you’d take it for maintenance, because you know that these people do it every day, and they’d do a perfectly great job on it. They know all the ins and outs of changing, assembling, cleaning, and setting up your windshields.

The same applies to your business tax planning strategies. The strategies that have been covered in the 9.5 biggest tax mistakes are very powerful strategies that require professional advisory with professional analysis and guaranteed results.

When it comes to important things like this, you know that you want to save as much as you can, and this isn’t about finding ways to escape tax but instead finding the way to pay just enough tax. Nothing less and nothing more.

Again, it’s a mind shift because if you’re used to getting a refund the first year, you’re like ‘I’ve got to pay them $3,000″ however when you realize these aren’t necessarily a bad thing, then with the right amount of strategy and planning, you’d be able to instead reduce $3,000 to $1,500. It’s all about getting in contact and having regular communication with your tax professional. Whether you already have your tax advisor or you need a certified CPA.

We’re here to help you find the best solution and opportunity for your business in saving up, increasing your cash flow, etc. Overall to fulfill the needs of your business.

As a business owner, you need to be proactive and let your tax people know everything that’s going on and relay all your thoughts to them, because you’ll never know which information will be deemed valuable and useful. Find someone you can trust and share everything that you can with your professional to ultimately reach your best potential strategy.

It may be difficult for some people to understand that the earlier you start your tax planning, the more beneficial it is for you. The media and everyone else want to believe that the right time to do tax planning is from November to the end of December, but that’s the total opposite of the truth. You can always start your tax planning to structurize and strategize how you can save up on your next tax session. Whether you start planning January, February, March, etc. You just need to put everything together and see how the designed strategies will save you money, and gain more capital to offer a better chance for you to reach your goals.

Waiting until 31st December for your tax is like the saying, “the carriage has already turned back into a pumpkin,” on January 31st.

Maybe the only thing you can do now is put some money into an IRA. You can’t set up a medical expense reimbursement plan for last year, you can only do it for this year, and early in the year to get the most benefit.

The earlier you start your tax planning strategies, the more beneficial they will be.

Make sure to visit our Youtube channel where we share additional strategies and insights to help small business owners. You can also send me a quick email or call me to schedule a conversation to see if I am a fit to help you and your business keep more of what you make.

DISCLAIMER:The advice contained in this presentation is not intended or written to be used without the guidance of a professional and cannot be used for the purpose of avoiding penalties that may be imposed by the Internal Revenue Service or for promoting, marketing or recommending to another party any tax related matters addressed herein.

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