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Tax Planning Services | Small Business Tax Planning

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. Your working with a tax advisor is essential to navigate these complexities and tailor strategies to your individual circumstances.

Our business and individual 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 by $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 now?

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.

Understanding Tax Planning

What is tax planning?

Tax planning is the strategic process of analyzing and arranging your financial affairs to minimize your tax liabilities and maximize your tax benefits in a legal and efficient manner. It involves a deep understanding of the tax laws and regulations that apply to you or your business. By making informed decisions about how to manage your finances, you can significantly reduce your tax bill. Whether it’s through optimizing your taxable income, leveraging tax credits, or deferring income, effective tax planning can help you keep more of what you earn.

Importance of tax planning for small businesses

For small businesses, tax planning is not just a year-end activity; it’s a crucial part of financial management that can lead to substantial savings and increased profitability. By understanding the tax laws and regulations that govern their operations, small business owners can make strategic decisions to reduce their tax liability. This includes everything from choosing the right business structure to taking advantage of tax deductions and credits. Effective tax planning helps small businesses navigate the complexities of tax laws, avoid costly mistakes, and ensure compliance with tax authorities. Ultimately, it allows them to focus on growing their business while keeping their tax bill in check.

Tax Fundamentals

Taxable income and its impact on tax planning

Taxable income is the portion of your income that is subject to federal income taxes. It includes earnings from various sources such as wages, salaries, tips, and self-employment income. Understanding your taxable income is crucial for effective tax planning because it directly influences your tax liability. By knowing how your taxable income is calculated, you can implement tax planning strategies to minimize your tax bill. This might involve maximizing tax deductions and credits, offsetting capital gains with losses, or deferring income to a future tax year. By strategically managing your taxable income, you can reduce your overall tax liability and keep more of your hard-earned money.

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

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. Maintaining proper tax records is essential for compliance and to be prepared in case of an IRS audit.

Contact Torchlight Tax & Accounting in Las Vegas 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.
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    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..
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    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.

    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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