Maximize. That is not a word often associated with tax matters, but the point is to maximize your after-tax income by reducing your tax liability. Price CPAs works to enhance the financial position of the clients we represent, and tax matters are a major part of that outcome. Addressing tax issues and opportunities involves three key areas: Planning, Preparation, and Problem Resolution.
PLANNING is as important to managing tax liability as it is to any other part of a business, family, or personal financial situation. Having the right tax strategies in place creates a number of positive financial impacts, but without the right plan, the risks are high. Here are some of the benefits a plan to minimize tax liability can help provide:
- Grow and preserve assets
- Maximize income by minimizing taxes
- Retain more family assets
- Increase the opportunity to give more by avoiding unnecessary taxes
- Grow investments and wealth
- Protect retirement distributions and improve your retirement lifestyle
PREPARING tax returns without the guidance of a professional can raise confusing questions, create frustration, and may cost you more that you realize. Even the most sophisticated software can’t replace the insights and advice of our professional tax team. We provide return preparation services to assure compliance with tax law and regulations.
PROBLEM RESOLUTION can be challenging. Tax issues with the IRS (or state taxing authorities) can be intimidating. Tax problems can arise from unfiled tax returns, error and omissions in previously filed returns, audit situations, unpaid taxes, incorrect or incomplete responses to IRS notices, etc. Ignoring correspondence from the IRS or state taxing authorities is never a good idea. Being proactive when a tax problem arises is always the preferred course of action. And, having professional support and counsel can reduce anxiety and lead to a reasonable resolution.
Price CPAs’ experience in tax matters dates back to our beginning over 65 years ago. Contact us today to arrange for our expertise in tax planning, preparation, and problem resolution to be applied to your business or personal circumstances.
Mark Fly, CPA/ABV