Income Tax Planning
Income tax planning is the key to paying the least amount of income tax due when we prepare your tax return. Effective planning is a continual process with one or more meetings during the current year. Located in Morton, IL, our central Illinois accounting firm keeps abreast of the ever-changing tax laws and make recommendations to fit your needs.
Think you have an easy income tax return? With the income tax code complexities, this is relatively rare. It is easy to miss credits you are qualified for. For our list of business tax preparation clients, it is important to know the interaction between the business return and the owner’s personal return. Let us help you maneuver the tax code and make the best of your specific tax situation.
Income Tax Planning & Tax Saving Strategies
If you want to legally pay the least tax possible, you must plan to do so. We keep abreast of the ever-changing tax laws to be proactive in recommending Income Tax Planning and tax saving strategies. Typically your business and individual taxation are closely linked.
It’s our goal to provide you with comprehensive tax planning solutions for your business. Here are Income Tax Planning areas our central Illinois accounting firm can help you:
- Should you defer or accelerate income and expense to maximize current and proposed tax laws?
- Reduce or eliminate gift taxes
- Review your retirement investments to determine where taxes can be minimized
- Splitting income among family members or legal entities to have income taxed in lower brackets
- Having your business fund your retirement
- Determining how tax-exempt investments will enhance your portfolio
- Do you have stock options or rental property? If so, let’s discuss options available to you.