Tax Planning
Keep More of Your Money
Over 90% of the time we find tax planning strategies that previous CPAs/accounting firms missed. Through expert guidance and forward-looking strategies, our tax advisors have unlocked over $43 million in savings for our clients.
What is Tax Planning
Think of it as your roadmap, guiding you through a maze of tax laws and regulations to find every possible saving, while ensuring: - Proper entity selection - Maximized use of tax credits and deductions - Strategic planning for taxable income reduction - Tax advice for family business owners and their family - Continuous monitoring of tax law changes to advise on proactive adjustments - Guidance on investments and their tax implications - Ensuring that tax planning aligns with long-term business goals and objectives
How Much Can I Save
When there’s $150,000 or more in net profit, our tax professionals are typically able to uncover 20-50k in tax savings, yet it’s not uncommon for them to be higher (more net profit equals more opportunity). We offer a zero cost planning session (link to form) to uncover the amount of money you are leaving on the table now. A good tax strategy takes into account the broader financial picture, including cash flow, investment plans, business structure, and future business goals, not just tax savings. For businesses who utilize our Exit Planning the tax savings can shift from 5 all the way up to 7 figures.
What Time of the Year Is Best
When tax planning is relevant (your business is profitable and you will owe the internal revenue service or your state/s money) there’s not really a starting and stopping point. Truly maximizing savings requires that your tax advisor is a part of business strategy conversations on a regular cadence. We meet with our clients who engage us for Premium Planning at least 4 times a year to make sure we don’t miss anything. Items that need to be considered frequently: Strategic Business Planning and Growth: Discuss long-term business goals and strategies. Align tax planning with the overall business growth and expansion plans.
Personal Tax Implications:
Review the business owner's personal tax situation and how it interrelates with the business taxes. Discuss strategies for income splitting, retirement planning, and personal investing. Risk Management and Contingency Planning: Assess potential risks and their tax implications. Develop strategies to mitigate financial risks and prepare for unforeseen circumstances.
Capital Expenditures and Asset Management:
Review recent or planned large purchases, investments in equipment, or technology and their tax impact. Understand depreciation schedules, eligibility for tax credits, and impact on cash flow.
Current Business Structure:
Assess if the current structure (sole proprietorship, corporation, LLC, etc.) still suits the business's evolving needs, and the right pay structure for owners. Discuss any considerations for changing the business entity and the associated tax risks/implications.
Regulatory Compliance and Changes:
Review any new IRS or state level tax laws, regulations, or compliance requirements that could affect the business. Plan for adjustments in business operations to stay compliant.
Our Proven Tax Planning Strategy Process
STEP 01
PAST AND PRESENT
Our tax advisors begin by looking at the past 2 years of individual and business tax returns, if applicable, while reviewing your current year accounting/financial information.
IMPORTANT: To optimize savings for clients and to minimize tax issues with the IRS, it’s crucial to ensure that your financial records are meticulously reconciled and kept current. ECOM CPA can help if you don’t have confidence in your financials.
STEP 02
SHOW ME THE MONEY
You’ll spend an hour with a tax advisor looking for every possible opportunity to lower your tax liabilities, maximize your tax deductions, while identifying credits and how other entity structures may benefit your tax situation. By the end of the meeting it will be clear if there’s a clear path to relevant tax planning strategies.
STEP 03
ONBOARDING
If our tax advisory services are a good fit and you decide to hire ECOM CPA, the next step is to gather all the required information (your cooperation is key) so that we can maximize the savings for the plan we will build.
STEP 04
TAX PLANNING KICKOFF
The next step is a “tax planning kickoff” where we show you all the potential tax deductions and credits, how other entity structures may benefit you, and the substance behind the savings. The final step here is for you to pick what tax strategies you’d like to utilize.
STEP 05
BUILDING THE TAX PLAN AND REALIZING THE SAVINGS
After the planning kickoff ECOM CPAs tax advisors will get to work on putting together a final plan and you’ll have a meeting to go over things with one of our senior tax advisors at the company. Much of the savings are the result of the tax filing itself. ECOM CPA is a certified public accounting firm and offers Tax Services for both Individual and Business filings.
Why ECOM CPA is Your Ideal Partner
Specialization in eCommerce: Our focus on eCommerce businesses means we understand your unique challenges and opportunities.
Consistent and Proactive Engagement: We believe in regular interactions to stay ahead of changes and maximize your benefits.
Comprehensive Service Portfolio: A single relationship for all your financial growth and compliance needs. Our tax services encompass tax planning and filing (both individual and business). We also offer CFO services and accounting.
Have more questions about how tax planning works?
Over 43mm in tax savings uncovered.
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Ready To Chat?
Get in touch and learn exactly how we can help simplify your finances.