Tax Planning Services

Planning is the key to successfully and legally reducing your future tax liabilities and in increasing your after-tax income and assets. Saving you money when we file your taxes is part of our job. Saving you money in the future is even more important.

Our Torchlight Tax and Accounting  team makes it a priority to enhance our mastery of the current tax law, complex tax code, and new tax law.

Businesses and individuals who are our clients pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

Unlike many other tax firms, we also encourage our clients, especially our business clients, to spend on things that increase their future income, as this is an easy way to increase their future after-tax income.

Let’s say you have a small business that makes about 80k profit per year. We would probably set you up as an S Corporation, if this has not already been done, to avoid the 15% Self Employment tax on your net profit.

Then, suppose we discuss things with you, and you feel that if you spent $10,000 on new equipment or advertising this year, you will make $20,000 more net profit next year. You get a loan for the $10,000 (if need be), purchase $10,000 of the equipment or advertising and this reduces your taxable income $10,000 this year. Now, next year your 80k net profit is now 100K. Can you increase your income for the next year by investing in advertising or equipment?

This is one way the rich became rich—by investing to increase their future income.

We recommend Tax Saving Strategies that help you…

  • Grow and preserve assets using current tax law.
  • Defer income so you can keep your money now and pay less taxes later.
  • Reduce taxes on your income so you keep more of what you make.
  • Reduce taxes on your estate so your family keeps more of what you’ve made.
  • Reduce taxes on your investments so you can grow your wealth faster.
  • Reduce taxes on your retirement distributions so you can retire in style.

Here’s just a few of the Tax Saving Strategies we use…

  • Splitting income among several family members or legal entities to get more of the income taxed in lower bracket.
  • Shifting income or expenses from one year to another to have them fall where it will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions, and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

  • Taking advantage of funding your retirement with after-tax dollars, which allows you accumulate wealth tax free and not pay tax on distribution.
  • Making use of the 1031 Exchange in Real Estate, which allows you to defer tax on your real estate sales profits indefinitely if you do it correctly.

Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

Contact Torchlight Tax & Accounting in Las Vegas Central if you’d like to receive a Free Consultation on our Tax Planning Services. Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer from these numbers to the branch office nearest you. Free consultations are available

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    Why Torchlight Tax

    Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.

    Upgrade to a full-service Tax Firm

    Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.

    Amendments

    When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>

    Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.

    Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.

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