Are you tired of paying too much on taxes? Do you think you are paying more than your fair share? Taxes are the largest expense a business owner has – usually more than food, clothing, and housing combined. Most of us know there are ways, or have heard there are ways, to legally lower your tax burden. But each year, when your taxes are filed, do you know if you are taking all the deductions you are entitled to take?
At the end of the day, your CPA is really just preparing and filing your taxes for the IRS. Your CPA works with the information you provide; he doesn’t usually look for additional deductions you may have, but have missed.
There are hundreds of tax strategies that can be used to legally reduce your taxes. But these strategies are underutilized by the majority of tax professionals.
Some of the tax strategies available are avoided because they are considered risky. In reality, they are not risky. They do, however, require the proper documentation. The risk comes from the fact that these deductions are usually not properly documented, which can lead to an audit or fines from the IRS.
Other tax strategies are underutilized because they are misunderstood or applied incorrectly. And still others are missed completely because they are simply not known to even the highest paid, most respected accountants and CPAs.
Most accounting firms, large or small, focus on tax compliance and tax return preparation. By applying in-depth knowledge of the tax code and other subject matter experts, you can reduce your taxes with underutilized and even unknown tax saving strategies.
- Engineers can identify ways to accelerate building depreciation
- Financial advisors can access alternative investments with potential tax benefits
- Insurance professionals can offer products to protect your business and grow your wealth in a
However, to truly maximize the tax strategies available, you must take an holistic approach and ensure that you are working with a team of financial professionals that understand these specialized areas of the tax code and, more importantly, when and how they apply to your individual profile. Removing one of the strategies, or only focusing on one of the strategies, weakens your overall financial plan.
The team of financial professionals at Tax Saving Professionals identifies and implements the missed, misunderstood, underutilized, and even unknown strategies for you so you can ignite your hidden wealth, and grow that wealth for generations to come.