Even though summer has just come to a close, third quarter estimated tax payments are barely one-month away and end-of-year filings are right around the corner. Highly-paid career professionals and Business Owners can potentially save tens of thousands of dollars on their taxes by utilizing some of the more than 400 proven and time tested tax deductions from The Tax Saving Professionals.
Sebastian, Florida… “It’s never too early to plan for your taxes,” says Ray Phair, chief operating officer of The Tax Saving Professionals, a tax-saving, tax-reduction, tax planning, tax Advocacy Company. “Even though we are just coming to the close of summer, the next quarterly payments are due in barely a month – September 30th is literally right around the corner, and then after that, every high income earning American tax payer and Business Owner is staring right down the barrel of end-of-year planning for their taxes,” adds Phair. Phair points to the typical annual scramble on behalf of people trying to get their financial affairs in order and then of course figuring how much money they owe to the government and where all that money will come from to pay these taxes.
The Tax Saving Professionals (We have helped more than 7000 clients – business owners, doctors, lawyers, bankers, brokers, real estate developers, car dealers, a wide range of business professionals and highly-paid career professionals from around the country since 1998 save more than half a billion dollars in taxes. Phair points out that, “People absolutely hate dealing with their taxes which is why they put it off and wait until the very last minute.” While this is completely understandable every highly-paid American taxpayer and/or business owner who hides their head in the sand and waits until the last minute hurt themselves financially and could end up costing them thousands and thousands of dollars in more money they have to pay to the government.
Fact: the average American pays 31% in taxes. The average client of The Tax Saving Professionals pays 15% in taxes. Says Phair, “that’s slashing someone’s tax bill by more than half.” For high income-earning American Tax Payers and Business Owners in the higher tax brackets that difference can amount to tens of thousands of dollars if not hundreds of thousands of dollars.
Phair emphasizes that it “takes time to set up and implement these strategies.” According to Phair most tax professionals use between 15 and 20 tax deductions for their clients, but his company, The Tax Saving Professionals, comprised of a team of highly-specialized lawyers and tax accountants has spent years scouring the IRS tax codes to find deductions not commonly used by most tax professionals.
Tax Professionals Get Very Busy in Tax Season
Just think about how busy every tax professional, tax preparer, accountant, CPA and bookkeeper is come the few months in front of April 15th every year. “Trying to prepare and file tax returns in the height of the tax season is the bane of every single tax professional,” says Phair. Phair points out that it is exactly that kind of last minute crunch that really prevents all those in the tax field from truly helping clients achieve the greatest amount of legal deductions every American tax payer is entitled to receive. “When a tax professional is faced with scores of tax filings to prepare at the last minute the preparation process becomes more mechanized and it is almost impossible for every client to secure the most deductions on their returns,” says Phair. Less deduction(s) equals higher tax payments and higher tax payment means less money in each American Taxpayer’s pocket.
Plan Early, Potentially Save Thousands of Dollars on Your Taxes
“The more time there is to plan your estimated quarterly payments and forecast your end-of-year sales, income and estimated payments the more money it is likely that you can save on your payments to the government,” says Phair, and that means “more money in the pockets of every single American taxpayer, but early planning is the key.” Companies that have a calendar year-end need to implement tax savings strategies by December 31st to take full advantage of the opportunity to reduce taxes for the 2013 tax year. Know the difference between a tax deduction, a tax credit and tax reduction strategies? Below is an explanation of strategies that can save America Taxpayers money.
Tax Deductions, Tax Credits, Tax Deduction Strategies
Tax deductions and tax credits can both reduce an individual’s income tax liability, but they do it in different ways. Tax deductions reduce taxable income; their value thus depends on the taxpayer’s marginal tax rate, which rises with income. Because deductions cannot reduce taxable income below zero, their value is limited to the filer’s tax liability before applying the deduction. In contrast, tax credits directly reduce a person’s tax liability and hence have the same value for all taxpayers with tax liability at least equal to the credit. In addition, some credits are refundable; they are not limited by the taxpayer’s tax liability. As a general rule for policy, tax deductions make most sense for items that represent reductions in ability to pay tax, such as casualty losses. Credits are more appropriate for subsidies provided through the tax system.