What is Tax Planning?
Tax Planning | Tax obligations are not entirely avoidable. However, professional tax planning legally reduces your tax obligation. Accountants are professional tax planners. If you do not already have one, hire an accountant today! Accountants are essential for every type of business. They are knowledgeable about current tax laws and recommend strategies in order to save you money. Learn more below and contact us today.
What is tax planning?
In short, tax planning is a strategy that uses current tax laws to implement strategies that reduce a person’s and/or business’s tax obligations. Your accountant will advise you on tax-law provisions that maximizes deductions and credits. Effective tax planning strategies allow you to excel financially yet legally reducing your tax bill each year.
Each business will have their unique tax plan. For example, some may benefit with simple business related mileage deductions. If so, we recommend tracking these expenses by using phone applications such as TripLog Mileage Tracker and Hurdlr. Other businesses may benefit from increasing marketing expenses. This is a great technique because you are investing your money back into your business as opposed to paying a bill. In addition, travel, insurance, and office supplies are other deductions businesses can use to reduce their tax liability. Overall, tax planning is a combination of strategies that will vary for each client.
Learn more about current tax deductions and credits with professional tax planning. Ash CPA has over 20 years of experience. In addition, our team offers an array of accounting solutions to best serve each business. Whether you have a small or large business, an effective tax plan is vital for your financial health. Contact us today. We proudly serve Framingham, Wayland, Natick, Southborough, Marlborough, Ashland, and Sudbury. Call (617) 462-6651 or request an appointment online. You may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701.