What is tax planning? It’s a complicated process, for sure, but absolutely essential for growing your wealth. Tax planning examines your various options for when, how, and whether you or your business should conduct various transactions to ensure that you are maximizing your tax liability. Proper tax planning could mean that your tax bill is greatly reduced (or even eliminated). Our tax planning accountants keep you compliant with all the relevant laws while utilizing the best possible strategy to ensure you’re paying the lowest amount of taxes allowed. How does tax planning help?
- defer income so you pay less later and keep your money now
- reduce your tax liability so you keep more of your pay
- grow your wealth faster by reducing your taxes on your investments
- retire your way by increasing what you contribute towards retirement
- place your business in a strong strategic position for growth
- project your tax liability for yourself and/or your business
- strategize investments from stocks to real estate and in between
- ensure your hobby income, startups, art, etc doesn’t wreck your annual return
We work for our clients – not the IRS – so we work with you to help you reach your financial goals. We use the tax benefits available to legally get you in the best possible position. Our clients pay the lowest taxes possible because we don’t just file once a year. We develop year-round strategies to make sure you are maximizing your deductions.
Planning ahead is the first step to reaching your financial goals. Here are our solutions for businesses and individuals.
Solutions for Businesses
Tax decisions and tax planning affect many long and short-term decisions that you make as a business owner. No one wants a big surprise come tax season. Our proactive accountants use the latest technologies, industry knowledge, and vast experience to offer tax planning year-round. Staying on top of new tax law and legislation, we make sure that your business is in position for success. We prepare professional tax returns for a wide variety of entities, including corporations, limited liability entities, partnerships, trusts, and not-for-profit organizations.
Corporations have some of the strictest requirements for financial reporting. Way more goes into a corporate tax return than you can input into a simple online tax software program. From continuing education seminars to organizational meetings, the CPAs at Orsini & Associates stay on top of all the latest corporate filing requirements to ensure quality, accurate returns for your corporation.
Limited Liability Entities
LLCs (Limited Liability Corporations), LLPs (Limited Liability Partnerships), PLLCs (Professional Limited Liability Corporations), and other limited liability companies exist in a variety of forms from state to state. While not recognized as a Federal entity for tax purposes, LL-[insert relevant endings] still have many reporting requirements when it comes to paying taxes at both the state and federal level. We stay on top of the latest laws and ensure that the complex documentation needed to file returns is done right the first time.
Partnerships can be tricky and complex corporate entities with even trickier tax filings. Proper documentation, including profit and loss statements, balance sheets, asset records, depreciation schedules, and documentation for business use of your home/home office, is paramount. Timely, accurate statements are paramount to ensure your tax filings are on time, and our tax accountants will work with you to make sure you have all that you need.
Like other for-profit entities, 501(c)(3) non-profit organizations have rigorous reporting and tax requirements that require accuracy. Experience with the latest laws is paramount to ensure your organization files properly and maintains its protected status. Our accountants pay attention to the details and stay up to date with the latest tax rulings concerning non-profits.
Musicians, Freelancers, Artists, Gamers, Gig Economy Workers
When you earn your income not from an employer or as a business owner, you are still required to pay taxes. Comedians, bands, freelance graphic designers, Lyft drivers, wood sculptors, influencers, YouTubers, and Twitch streamers can all earn significant income, in essence making yourself your own business. And income means taxes. Year-round planning is especially important if you fall in any of these categories. Traditional paychecks have taxes withdrawn to prevent massive tax bills, but your invoices, tips, and streaming income don’t come with that option in most cases. At Orsini & Associates, we specialize in this particular group of awesome people. We’ll listen to your latest comedy album AND make sure that you don’t get punked by a tax bill you can’t handle!
Solutions for Individuals
If you own a business, we highly recommend that you have your personal and business returns prepared at the same time (something we absolutely can do for you!) This is because your business can greatly impact your personal return, and simple tax preparation software won’t be able to fully find all the credits and deductions you might be entitled to.
Even if you don’t own a business, there are plenty of situations you may be in that require tax planning and projecting year-round. We can help you strategize the best options for you.
Income Tax Planning & Projecting
No one wants a nasty tax surprise come April 15th. That’s where income tax planning and projecting can come into play. As we work together towards your goals, we’ll use our knowledge of the ever-changing tax code to predict your tax liability early. That way, we can also strategize ways to reduce or eliminate what you might owe.
401(k)s, IRAs, Roth IRAs, and more – lots of letters and numbers combine to spell out: retirement! With so many options and so many factors to consider, it can be a real challenge to figure out the best way forward for your retirement goals. We’ll work with you to understand your concerns and your situation in order to find the best retirement vehicle for you.
If you own stock options or restricted stock grants – great! They are powerful tools for building your net worth. However, some very tricky tax implications could end up eating away all the gains you make. It’s crucial to have expert tax professionals planning for you year-round.
From startup founders to corporate executives, we can help with maintaining the stock basis of shares, strategies around the selling of company shares, section 83(b) elections, retirement considerations, and alternative minimum tax issues.
1031 Tax Deferred Exchange
Investing in real estate can be a great, profitable financial plan. However, as an investor, you don’t want to get stuck with a hefty tax bill. A 1031 Tax Deferred Exchange can offer a reduced or even tax-free exchange on your real estate transactions. The rules and process around 1031 tax deferred exchanges are complex, even for tax professionals. Let our experienced CPAs help guide your real estate transactions so that you never miss a deadline or a discount you qualify for.
That scarf you knitted and sold at your church’s craft fair is adorable! So is that tshirt you designed where you gave all the proceeds to a charity. Problem is – adorableness doesn’t satisfy the IRS. Without proper planning, you could end up owing tons of extra taxes come tax season. We want to know all the things you do for fun (because yes, we also want to buy that awesome tshirt! but also) so that those things can stay fun and not become a financial burden that’s too great to bear.
Speak to an Accountant Today
Not sure where to begin? Or if any of these categories even apply to you? It never hurts to chat with an experienced CPA to make sure you are covering any potential pitfalls in your life.
At Orsini & Associates, we love our clients’ passions. Their success is our success, and year-round strategic financial and tax planning is an integral part of that success. If you’re looking for an accountant to help you reach your financial goals, then contact our personable accountants today for an initial consultation. Based in Savannah, Georgia, our CPAs have clients nationwide and use the latest technology to meet our clients where they are.