Your goal as an American taxpayer should go beyond avoiding trouble with the IRS or beating the filing deadline. Many taxpayers end up leaving money on the table out of fear of attracting the attention of the IRS, even after consulting all the tax professionals and resources they can find.
There is much more to achieve beyond reporting the last year’s expenditures and trimming your tax costs. With a proactive tax planning strategy, which would require a certified tax planner to break down for you in concise detail, you get to realize the tax-related benefits you are already qualified for.
While a public accountant or tax professional might help you stay compliant with the rules at the crux of a tax season, a certified tax coach would work with your business to help you make the most profitable decisions and adjustments all through the year, which will add up to significant tax savings.
How will a proactive tax plan help you?
A proactive tax plan will help you find different means to legally reduce your tax liabilities and keep more of your earnings to yourself. A certified tax coach comes in to undertake a tax analysis or review to assess your prior tax returns and current financial records. The aim is to find missed opportunities and previous mistakes which resulted in unnecessary or higher tax expenditures.
This analysis with a certified tax coach is essential to avoid similar mistakes in the current business year.
Afterward, the certified tax coach will present a roadmap of the changes to generate higher tax savings. Then, the coach works with you to achieve those changes and possibly recover the excess taxes you have paid in previous years.
Proactive tax planning entails implementing a detailed, personalized plan, paying attention to your current financial situation and goals, thereby ensuring you REDUCE your taxes significantly (rather than just reporting taxes in time). And you would not have to worry because all of these strategies are carried out in adherence to the U.S. tax code and regulations.
What information should you provide for your certified tax planner?
Here’s one thing you must know: while hiring a certified tax planner or a certified tax coach takes away the bulk of the burden of tax filing, there are still relevant inputs that you have to provide to get the best out of their services. It will also help you to mitigate investment risks way ahead of the tax season.
The point is that working with a certified tax planner covers financial decisions you make all year round, especially regarding your income and investments. Details that would help in proactive tax planning revolve around your income, family, business establishments, investments, assets, and liabilities.
Benefits of hiring a certified tax coach for proactive tax planning
- It helps small business owners achieve better organization and record-keeping in their business:
Rather than struggle to make sense of your records at the end of the tax season, a certified tax coach assists you every step of the way, ensuring that you do not make major mistakes that would attract the unwanted attention of the IRS. Maintaining the financial records of a newly registered business often takes more than the entrepreneur anticipates, resulting in significant errors that can cripple the business and lead to bankruptcy.
- A certified tax coach helps you stay abreast of new tax regulations and adjustments:
Suppose you wait till the end of the tax season before consulting a tax professional. In that case, you might discover that significant changes have been made to tax policies, and they may affect you. However, with the help of a certified tax coach, the U.S tax code and updates would always be at your fingertips, thereby helping you make wiser financial decisions during the year.
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- A certified tax planner can help you recoup tax credits:
Beyond compliance with current tax regulations, a tax planner looks at your previous tax filing methods to discover loopholes in the system and how you can milk them. And in many cases, you get to find areas where you overpaid taxes or are eligible for credits. These extra dollars can either be put into subsequent taxes or recouped directly.
Conclusively, like the proverbial stitch in time that saves nine, being proactive with your tax planning and working with a reliable certified tax planner will help you stay on top of your taxes and get the most out of them.
With our tax strategies at Tax Goddess, we have helped business owners save over $500,000,00 in taxes. We’d like to help you too to pay less in taxes.