Business Tax Planning
While professionals and business owners are aware of the importance of a solid and well-grounded business plan, you might be surprised by how few apply the same strategic approach when it comes to their taxes. This is a serious mistake. Ignoring or minimizing the importance of well-executed tax planning strategies for businesses can lead to financial disaster on both a business and personal level. One of the best practices employed by successful business owners centers on working with professionals who have a proven track record in business tax planning.
Tax Planning Primer for Businesses
Tax planning involves evaluating all of the different tax strategies and options available to business owners in order to minimize, or even eliminate, taxes. While taxes may seem steep, there are many credits, deductions, and provisions with the tax code that benefit business owners. The key to taking advantage of these offerings, though, is understanding which tax planning strategies for businesses deliver the greatest reward.
However, while avoiding taxes within the rules of the taxation game is perfectly legal and ethically sound, evading them is not. Working with the team of trusted business and corporate tax planning specialists at Chandler & Knowles is the best way to ensure the line between legal and illegal is not crossed – or even approached.
Problems Arising from Poor Corporation or Business Tax Planning
Proper small business and corporate tax planning is an ongoing process, not a last-minute response to an obligatory deadline. Careful business tax planning with a certified public accountant is the best way to avoid some of the most common mistakes made by business owners. These can include:
- Failing to properly report all income generated by the business
- Claiming improper or unverified deductions
- Accounting problems such as inadequate records, or financial discrepancies
- Filing the wrong forms or missing deadlines
- Having the wrong business structure
While almost all business owners are hardworking and honest, misinterpretations, misunderstandings, and missed opportunities can be problematic, resulting in more taxes being paid than necessary or, worse, fines and other legal problems.
The Chandler & Knowles Role in Business Tax Planning
Besides finding ways to reduce the taxable income of your business, the accounting team at Chandler & Knowles take a holistic approach to tax planning strategies for businesses. In addition to avoiding common tax planning mistakes, when working with your business, we:
- Review your business structure to make sure it is the most favorable for your tax situation
- Analyze and review your assets, projected earnings and adjust the tax plan as needed
- Look for ways to lower your tax rate
- Adjusting the time table for when taxes must be paid so cash reserves are not depleted
- Claim all available tax credits
As tax laws become increasingly complicated and obscure, it is important to rely on the skills and services of proven professionals when it comes to small business and corporate tax planning. Many times, well-meaning businesspeople turn a good tax plan into a bad one through poor preparation or lack of knowledge of changes in the tax codes. With Chandler & Knowles, your business tax planning is money in the bank.
Contact our CPAs Today
Start working towards better business tax planning today. To learn more about the services we offer and about how we can help your business, contact Chandler & Knowles CPAs now by filling out our contact form, calling us at 817-993-6349, or visiting us at one of our two locations in Flower Mound or Addison, TX.
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"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"
~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC
They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.
~ Rick Schenck, UPS Business Owner
Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.
~ Todd Benton
"The staff at Chandler & Knowles CPAs could not be better! They are always friendly, accommodating, and efficient. Their quick return/response time is greatly appreciated, as customer service is an uncommon practice during this day and time."
~ Tracy Richards