Tax Planning is putting strategies in place to lower taxes owed for the tax year. To ensure that all the elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual’s financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success. In other words, the money you may be paying IRS can be used to increase your retirement contribution and other things.
Tax Planning is important for Individuals, small businesses and large businesses because it can help them to achieve their business goals. When you have a tax plan as the owner of a business, you can lower the amount of taxable income, gain more control of when taxes are paid and also reduce the rate of tax.
Who Needs a Tax Plan?
Anyone paying to much money in Tax liability. Meaning, the money you owe the IRS after completing you Income Tax Return. A tax plan will help you use some or all of that money for other purposes, for you and your family.
Schedule a consultation to get started with your tax plan.
Here at Thomas & Ford we provide Tax Resolution services which is the process of working with the IRS to find a solution to your tax problem. We have helped many individuals and business-owners with their tax issues they've been having with the IRS resulting in eliminated-debt, eliminated consequences and eliminated stress.
A Tax Resolution is to minimize what you owe to the IRS as much as possible. When you owe The Government, IRS, they can put a levy on your bank account, property, business, paycheck or where ever you have income. It is important to work with the IRS which will stop these possible procedures.
Tax Resolution is usually needed when someone owes the IRS back tax and has put off paying it for a length of time.
We offer Tax preparation, which is the process of preparing yearly Tax Returns. We have a team of licensed professionals such as CPA's and EA's who specialize in the tax preparation.
By law, any American whose gross income is over $10,000 (or $25,000 for married couples filing jointly) or who earned more than $400 from self-employment must file a federal income tax return. There are other circumstances that might require you to file as well.
Our goal is to help you minimize your debt or maximize your refund. Whether you end up owing the IRS or getting a refund you will want to have the best outcome. That takes attention to detail and understanding the tax laws and deductions available to you. You can learn to lower your tax liability, what you owe or increase your refund. You will learn to keep up to date with all the latest tax breaks and eligibility requirements just as tax professionals. But you do not have to do it alone.
You’ll have a Backup in Case of an Audit. Learning what you are eligible to deduct and your receipts to prove it, usually you will have no problems. IRS randomly choses people to audit but mistakes is mostly what causes an audit. It can be easily straightened out because of prior tax preparation.