Tax season notoriously falls in the months before the April 15th deadline, where we all frantically scramble to get our books in order and our expenses accounted for. What if you could go into tax season free of stress with a clearer picture of what you can expect to owe based on strategies you’ve implemented all year? That’s the joy of tax planning! Tax planning helps you as an individual or business feel secure that you are taking advantage of all the tax savings available to you and steering in the right financial direction.

Tax planning entails analyzing all aspects of both your financial situation and the available tax opportunities to result in a reduction of tax liability, or paying the lowest possible taxes. Tax planning not only refers to taking advantage of available tax credits and deductions but also strategically considering contributions to retirement accounts, large purchases and even charitable giving.

Why is tax planning so important for your business? Without a thorough tax plan in place, you can end up spending significantly more on taxes each year. You might miss out on important credits or deductions, make a poorly timed purchase decision or even unintentionally make a huge and costly tax error. Many small business owners don’t have the bandwidth to consider new tax developments and stay updated on recently passed changes to the tax code. Even staying organized and on top of bookkeeping can be a challenge for busy business owners wearing a lot of hats. This can result in missed opportunities for tax savings and less money to reinvest back into your business.

Whether you are an individual wanting to maximize your retirement funds and secure more for your heirs, or a business looking to lessen your tax load, tax planning can have a considerable impact on what you owe the IRS and help you feel confident and secure in the direction of your finances. At ClarkSilva, we offer tax planning services to help you make informed financial decisions and take advantage of tax savings. Our team is proactive and diligent in communicating to you the latest tax updates that might impact you and sharing strategies for saving. Contact us today to learn more about our tax planning services.