At XQ CPA, our team of CPAs and Certified Tax Coach help business owners in tax planning and tax preparation including individuals, corporations, partnerships, and LLC. We also help you in filing your local sales and franchise taxes. There is one distinguishing difference between tax planning and tax preparation: December 31st. In order to be beneficial, tax planning must occur before the end of the year while tax preparation can only take place after December 31st. To every business owner, tax planning is an important step in reducing taxes. In the tax planning process, our Certified Tax Coach will discuss/make recommendations to various tax strategies that could potentially save you hundreds or even thousands of dollars. This will enable you to take the necessary action by implementing effective tax strategies before the end of the year so that you have more control over how much you will be able to save and how much you need to pay before April 15 of the following year. This process also allows us to ensure that your taxes are professionally and accurately prepared in a timely fashion in order to avoid late fees or unnecessary underpayment penalties.

Tax Planning for Individuals and Business Owners 

Planning is critical to successfully and legally reducing your taxes. We go beyond tax compliance and proactively recommend tax saving strategies to reduce your taxable income hence maximizing your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by keeping ourselves abreast of current tax law changes on an on-going basis. Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to reduce your taxable income by sharing with you ways to maximize legal deductions throughout the year, not just at the end of the year.

 

We implement specific and customized tax strategies for our clients by helping them to identify opportunities to:

  • payless taxes therefore grow and preserve assets by keeping Uncle Sam out of your pockets.

  • defer income so you can keep your money now and pay less taxes later.

  • reduce taxes on your income so you keep more of what you make.

  • reduce taxes on your estate so your family keeps more of what you've made.

  • reduce taxes on your gifts so you can give more.

  • reduce taxes on your investments so you can grow your wealth faster.

  • reduce taxes on your retirement distributions so you can retire in style.

Essentially, we believe that your tax return gives you a 360-degree view of your tax position and more importantly, your financial position. We make it a point to review your tax return with you.

 

From a thorough review of your tax return, our proactive tax planning process will provide you the opportunities to re-evaluate your tax strategies, your retirement strategies, your investment strategies which will bring significant impact to your future plan. 

We work hand in hand with your financial advisor on figuring out the best deferral strategies that will both meet your financial needs and achieve your financial goals.

Here's just a few of the Tax Saving Strategies we use...
 

  • Identify the right entity structure for your business to reduce your taxable income.

  • Identify missing deductions so you could maximize your expenses legally without being flagged by the IRS for an audit. 

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.

  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.

  • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.

 

Most importantly, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies. If you'd like to receive more information about our Tax Planning Service, please complete this form below and you will hear from us shortly. 

Contact us for more information about our tax planning service.