The Power of Tax Planning
A Riskless Addition To Your Assets
There are several circumstances where making sound use of tax law can enable you to keep more assets after all costs and taxes are taken into account. Since additional monies retained through legal tax savings require no additional investment exposure, many consider this potent financial tool to be, effectively, risk-free return. Capitalizing on 30 years of tax law expertise, Prescott Tax and Wealth Management reviews all financial possibilities with a keen eye toward tax planning that helps you keep more of your money without incurring added risk.
Interest-Free Loans From Taxing Authorities
The ability to defer, sometimes for years or decades, may create additional capital that can be utilized until the tax due date. In certain situations, these “borrowed” tax deferrals can be put to work in many fashions for your benefit.
The Invaluable Cash Flow & Planning Tool
An informed use of tax law can enable you to better manage personal or business cash flow, including the ability to shift tax exposure to more favorable years.
Proactive Tax Planning
Begin With The End In Mind
Among the biggest and most common mistakes is a failure to fully consider current financial options and decisions within the context of potential future tax issues or circumstances. After the fact tax planning is generally reactionary and leaves you with choices that are often limited, ineffective or costly.
Prescott Tax & Wealth believes in the adage that “good decisions broaden future options.” Our planning advice centers on early assessment, regular monitoring and contingency considerations. The goal is to constantly optimize your ability to be flexible and efficient moving forward in response to changes in the tax landscape and your personal or business circumstances.
Intelligent Integration With Other Financial Decisions
There is a canyon sized gap between knowing how to fill out tax forms and truly understanding nuanced integration of IRS regulations across a spectrum of financial matters. With a Master’s Degree in Taxation, multiple designations plus certifications in complimentary financial disciplines, and 30 years of experience implementing real life solutions in a constantly changing environment, Peter funnels multi-discipline expertise through a seasoned prism focused on the smart use of tax law in key financial decisions.
Assess & Adjust
Whether it is your personal circumstances, the economic landscape or regulatory environment, the factors that influence or shape your tax profile constantly change and evolve. More importantly, so do the strategies, techniques and approaches which may assist in keeping your tax exposures in an attractively low profile. For this reason, tax planning is not an “April only” event at Prescott Tax & Wealth Management. Peter constantly assesses changes in the law, personal or environmental conditions in an effort to optimize planning opportunities for your situation.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.
Business Entity Selection
Choosing the form of entity of your business (e.g. “S” corporation, sole proprietor, limited liability company) is a crucial decision that can have long-standing tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company’s day-to-day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined contribution or defined benefit plans, SEP IRAs, 401(k)s) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees.
As you develop your investment strategy, we will act as your sounding board. We can help you build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates and not-for-profit organizations.
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
IRS & FTB Representation
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.
Employee Benefit Plans
The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan.