Louisville-based Associates In Accounting, CPA (502-451-8678), has published its latest guidance on tax planning, showcasing a proprietary model it developed for existing and new clients.
-- Associates In Accounting, CPA (Associates In Accounting), has unveiled a tax planning model designed to reduce a client's tax liability through a systematic review of four key business areas.
More information can be found at https://associatesinaccountingcpa.com/
To effectively reduce tax liabilities, the firm thoroughly evaluates the business structure, the owner's compensation, missed deductions, and the tax reduction strategy used. According to the firm, implementing this approach before tax season opens opportunities to minimize obligations and increase savings, which can then be used to pay one's tax liabilities.
A study by the National Small Business Association reveals that over 40% of small businesses cite federal taxes as their most significant financial burden, with many losing money due to unclaimed deductions and inefficient structures. Associates In Accounting’s four-pronged strategic tax planning model specifically addresses these challenges.
The tax professionals begin by reviewing the client’s business structure to determine whether adjustments, such as converting to an LLC, S-Corp, or C-Corp, could be leveraged to reduce tax obligations. They point out that many business owners are unaware of how their legal structure directly affects their tax exposure.
The firm also analyzes how owners compensate themselves, noting that factors such as salary, benefits, and profit distributions significantly influence overall tax liability. Its team works with clients to create a compensation strategy that lowers taxes while supporting their long-term financial goals.
Unclaimed deductions are another area where businesses often lose money, says Associates In Accounting. "Office expenses, car expenses, cell phone, internet access - these are all common expenses that virtually every business uses. These items are often missed as the purchase of those items is not in the current tax year," a spokesperson for the firm explained.
Finally, Associates In Accounting implements targeted tax reduction strategies based on the client’s unique circumstances. These may include maximizing retirement contributions, strategically timing major purchases, and identifying applicable tax credits. For instance, when properly timed, investing in energy-efficient equipment or taking advantage of certain credit programs can lead to significant savings.
“Effective tax planning is about making informed decisions throughout the year,” CEO of Associates in Accounting, Rick Fields, said. “It goes beyond just preparing and filing returns.”
In addition to tax planning, Associates In Accounting offers services such as tax preparation, credit applications, and handling government correspondence on behalf of clients.
Interested parties can find additional information at https://associatesinaccountingcpa.com/
Contact Info:
Name: Melissa Hayes
Email: Send Email
Organization: Associates in Accounting, CPA
Address: 9405 Mill Brook Road Suite 102, Louisville, Kentucky 40223, United States
Website: https://www.associatesinaccountingcpa.com
Source: NewsNetwork
Release ID: 89151719
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