A Penny Saved is a Penny Earned

There are countless tax planning strategies available, particularly if you own a small business. Some are aimed at your individual tax situation, some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the transaction to accomplish one or more of these often overlapping goals:

In order to plan effectively, you’ll need to estimate your personal and business income for the next few years. This is necessary because many tax planning strategies will save tax dollars at one income level, but can create a larger tax bill at other income levels. You want to avoid having the “right” tax plan made “wrong” by erroneous income projections. Once you know what your approximate income will be, you can take the next step: estimating your tax bracket.

The effort to come up with crystal-ball estimates may be difficult and by its nature will be inexact. On the other hand, the better your estimates, the better the odds that your tax planning efforts will succeed.

Van Winkle Insurance Group’s tax planning ranges from simple to complex methods that highlight reviewing past tax returns to ultimately lower or minimize clients’ tax bills. Through professional continuing tax education courses, our planners remain ahead of the curve. We keep breast of tax law changes throughout the year to ensure that you are taking advantage of ALL tax incentives.