Time To Explore A New Business Structure
If you want to really save on taxes, then start planning your tax strategy.
Phoenix, AZ, July 2012: At the end of tax season, many people start asking the question, which may be the best one they can ask if they’re hit with an unexpected tax bill: “What can I do so this never happens again?” The answer? Plan ahead! Local tax expert, Scott Lopez, CPA (http://phoenix-tax-preparation.com), offers some advice on how to plan ahead in your business to receive major savings.
“Here’s a simple formula for you: More time to plan = Better tax plans = Less tax. And the #1 question for most taxpayers right now is how to pay less tax on their next tax return. Sure, there are strategies to pay less tax, find more deductions and above all else, reduce the chances for audit on your return, even now. But if you want to really save on taxes, then start planning your tax strategy,” Lopez said.
Often times the best tax planning is making a change you never knew you needed. Having a professional evaluate the situation could save you time and an incredible amount of money.
“Over the last month, there have been many times when I have met with a new client, who owns a business (usually an LLC or a Sole Proprietorship), and they mention how hard they are getting hit with taxes, year after year. So, as you might expect, I offer to take a look at their tax returns for the past few years, and after doing so, I sometimes ask them why they aren’t operating as an S-Corp. The answer is usually pretty similar, ‘I don’t know? ... Should I be one?’ I have rarely met an S-Corp structure which I didn’t like. But it is true -- they don’t necessarily work for everyone. But, if done right, they often can return 4-5 figures of savings per year for a business,” Lopez said.
Perhaps for you, years ago an LLC made sense, but it doesn’t anymore. And, when you ask your accountant about it, if they don’t give the S-Corp option a serious look then you know it is time to get a second opinion.
“Plan ahead. Reap the rewards,” Lopez said.
Scott Lopez, CPA works with clients ranging from individuals and small business to large multi state corporations. His CPA firm’s focus is on tax preparation, planning and tax problem resolution. Give him a call (623) 412-9169, email firstname.lastname@example.org or visit his website http://phoenix-tax-preparation.com.
- Contact Information
- Scott Lopez
- Tax Management Professionals PLLC
- (1) (623) 412-9169
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