While we so casually throw around the word tax planning in our discussion, do we understand the gravity of it?
Tax planning is a way to meticulously plan the distribution of money and take advantage of the tax law provisions, tax deductions, and tax credits to save money or invest it more profitably. It should be clearly understood that the aim here is to preserve and invest money and not commit a felony by not paying taxes. Tax planning means making maximum use of all the relaxation policies available and applicable under the Internal Revenue Code.
You might find many Tax Consultant who under the name of ethical tax planning might advise and convince you to something legally corrupt. Immediately sack that tax consultant and hire someone with proper credentials and reviews like Donald Malter. An adroit tax consultant, Donald Malter holds significant experience in helping big corporation around New York City adequately stabilize their taxes and save money for investment towards a worthy and meaningful purpose.
WHY HIRE TAX CONSULTANTS?
Wondering why we are emphasizing on hiring a credible tax consultant or a tax consultant for that matter?
- Tax filing is a strenuous task that requires sharp accounts and financial skills, which not everybody is blessed with. Also, even if you are good at tax planning, don’t you have a job or business to tend to or would you happily drown under the papers rather than focusing on your productivity and efficiency?
- Tax consultants are well versed with the tax laws, tax codes that keep changing as per the evolving business scenario. With limited knowledge, you might not be able to claim the deduction that you rightfully deserve, which is where tax consultant will help you navigate through the intricacies of taxes and get the money reimbursement, lawfully.
- Your tax consultant, can be your tax advisor who will ensure that at the moment and in the future, you do not end up being on the receiving end of the IRS, due to minor negligence in the filing the papers. You will always have the eyes of qualified, professional tax experts ensuring that you do not make any tax filing mistakes and if there is any doubt, it gets cleared there and then.
Speaking of tax mistakes, let us dispel certain errors that you might be making when developing tax strategies on your own, doing more harm than good to your business for the long term.
- NOT UNDERSTANDING THE CONNECTION BETWEEN TAX PLANNING AND FINANCIAL PLANNING:
Financial planning is done to ensure that an individual or the group reach their short term or long term financial goal with a well planned and executed strategy. What many people fail to understand is that business and tax planning are closely linked and to score benefit from tax planning, you need to establish a connection between these two. No matter how profitable your financial strategy looks without adequate tax planning, the result is ultimately going to be you paying more taxes instead of saving them with an effective combination of tax and financial planning.
- NOT SELECTING THE RIGHT ACCOUNT FOR INVESTMENT:
While having a tax-advantaged account is beneficial, individual/business owners often end up making mistakes of not using the right investment for the proper account. Take, for instance; you would be losing significant savings if you keep you high-income investment in a regular taxable account instead of the tax-deferred account. Appropriate investment is necessary to minimize the tax bills.
- NOT KEEPING NECESSARY TAX RECORDS:
Taxes are significant,right? Then why would you not keep the necessary tax records documented? How do you plan to answer when there is an audit, and you have nothing to support your stance on the charities he donated to? Nonetheless, it is crucial to keep your tax records well documented.
SIGNS YOU NEED TAX CONSULTANT IMMEDIATELY
* Have mistakes on your tax return filing become a common thing?
* Are you starting a new business?
* Do tax audits scare you?
* Are you scared that your tax return might get audited?
* Do you have a lot of investment?
* Do you itemize your expenses?
If you have nodded throughout the questions, then it is a clear indication that you need a tax consultant like Donald Malter to help you save more money and take complete advantage of the breaks provided by IRS.