Posts Tagged ‘Laws’

Tax Preparers and Tax Planning

Sunday, December 12th, 2010

If there is one constant in the world of tax preparation, it is tax law changes.  For many years, CPA’s  and other tax preparers have learned to accept, anticipate, and even embrace change. All these changes and complications will force practitioners to emphasize tax planning in order to save their client’s money. Over the years technology in tax software industry and lack of regulation on the tax preparation industry has led to a lot of competition from many non qualified tax preparers. A CPA is required to pass strict testing, ethics and continuing education requirements in order to keep informed and licensed. A CPA is highly qualified to find tax planning strategies that enable a client to eliminate, minimize, or defer a tax liability.

Tax preparation and tax planning by a qualified CPA will enable a client to eliminate, minimize, or defer a tax liability. Traditional tax planning has been event-driven, undertaken upon the occurrence of certain events in a client’s life such as starting a new business, making an investment decision, selling property, or taking a retirement plan distribution. While event-driven tax planning will certainly continue to be a value-added service, the tax preparer CPA has the educational background to do comprehensive tax planning, year-after-year to save his clients money. While tax considerations may be significant, and are often the reason the tax preparer is involved in the first place, the economics should drive the decision-making process. Allowing tax considerations to override economic considerations can lead to adverse results for the client.  As a CPA with over twenty years experience we are experts in business, tax and financial matters. You can be assured that the assistance you receive comes from years of specialized training in money matters and in helping clients like yourself with taxes, business planning, retirement, investments and, accounting. CPA’s are more than just individuals who do your yearly taxes. They can advise you on a long list of other services.

Income tax preparation is an important part of reducing a client’s tax burden by making sure all tax credits and deductions are not missed.

Small Business owners

Businesses operated as a sole proprietorship’s have many opportunities for tax savings. With proper tax planning, opportunities exist to maximize deductions of expenses combining business and personal elements. Business deductions for self-employed taxpayers are doubly important since they generally reduce both federal income and self-employment taxes.

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