Tax PlanningSkilled Tax Planning Services in Troy and Sterling Heights, MIWhether you're a small business owner or a self-employed individual, tax planning is crucial to lowering your tax liability and protecting your hard-earned assets. However, tax planning tasks require intimate tax knowledge and extensive time that can be out of reach for some. At Padgett Troy, we're privileged to offer high-quality tax planning services ranging from strategy creation to goal setting. A hallmark of our firm is our adaptability. As such, you can expect to speak with a skilled Troy tax advisor either in person, over the phone, or through Zoom calls. Our team can answer any questions and walk you through the tax planning process. Call us today for your free initial consultation and get the professional tax assistance you deserve! 3 Common Business Tax Planning StrategiesOur tax planning strategies are customized to your business' unique tax needs, ensuring our services provide maximum benefit to your operations. Depending on your company, some common tax planning strategies include: 1. Maximizing tax deductions: An often-misunderstood aspect of tax season is deductions. Our CPAs and enrolled agents will carefully comb through your financial information and previous tax returns to find every applicable deduction. Afterward, we'll work with you to determine which tax deductions would be most advantageous to claim. 2. Timing income & expenses: One of the most popular tax planning strategies that can prove advantageous for your business is to accelerate expenses and defer income. Depending on how your company operates, it can slow income by holding off on sending out invoices from the first to fourth quarters. A significant benefit is that when income is deferred to the next year, taxes on the income aren't paid until the subsequent year. 3. Changing entity type: A beneficial tax planning strategy is changing your entity type. Each entity type has its own tax advantages and disadvantages that directly affect your company's tax liability, partnership structure, and much more. We'll sit down with you to analyze if a different entity type would get you closer to reaching your goals. Do I Need Professional Tax Planning?If you've ever attempted tax planning on your own, you know that do-it-yourself methods and financial software only go so far. Additionally, time and schedule constraints can make simple tasks challenging and stressful. Are you having trouble claiming your tax deductions? Do you need help understanding tax law and regulation changes? From framing your financial goals to creating actionable steps, we'll ensure that every step of the process is as hassle-free as possible. Customized Services for All Business EntitiesWe provide sound tax planning that's unique to different entity types. Our team carefully analyzes your company so that everything we recommend offers tangible benefits, year after year. Additionally, we can help entrepreneurs, small business owners, and self-employed individuals better understand their tax and financial position to better take advantage of economic opportunities. Our accountants excel in assisting a wide range of businesses, including:
How We Assist Your BusinessIf you've ever received cookie-cutter tax planning, you know that it doesn't address your unique tax needs. Successful tax planning requires an in-depth understanding of your business' financial strengths and weaknesses with your financial goals in mind. Our tax planning begins during your initial consultation, where we'll get a sense of various aspects of your business, like its tax history and financial standing. Your Experienced Tax Advisors in Troy, MIAt Padgett Troy, we're proud to provide excellent tax planning services geared toward business owners' and self-employed individuals' unique needs. Whether you're a new or previous client, you can expect to be treated with the attention and respect that you deserve. Contact us today to speak with one of our Troy tax advisors for your free initial consultation! Tax Planning FAQs
No. The IRS has strict rules on which charitable deductions are tax deductible. However, our team has an in-depth understanding of the rules and will help you claim every applicable charitable deduction.
We'll ask you for certain documents to help us better understand your overall tax profile and create personalized strategies. Some of the documents we may ask you for include previous tax forms, receipts, and invoices.
As part of our tax planning services, our team will communicate with you as frequently as you'd like. Whether you have questions about your tax planning strategies or you'd like to review a tax form, our tax advisors are here for you.
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Tax Planning
Frequently asked questions
We take care of your books for you, so you can get back to the job of running your business and generating profits.
We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.
We offer a variety of services to help make sure that you are taking full advantage of Quickbooks' many features.
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through.
We offer one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth.