Strategic Tax Planning in Asheville

Strategic Tax Planning

Here’s How to Beat the IRS. Legally!

To minimize your taxes, you need a plan.  You need concepts and strategies that leave more on your bottom line, without raising “red flags” or straying into “gray areas.”

Do you think you pay too much in taxes?  You’re not alone.  Even the Government Accountability Office (GAO) thinks you pay too much!  That’s right.  They estimate that taxpayers overpay their taxes by almost a billion dollars each year…due to mistakes they and their tax preparers make on their tax returns.

Have you organized your business right?  Do you have the most advantageous entity structure?  Do you have the right benefit plans for yourself and your employees?  Do you have the right retirement plan to prepare for your future?  Are you taking advantage of all the legitimate deductions, credits, loopholes, and strategies the tax code offers?

“In America, there are two tax systems: one for the informed and one for the uninformed.  Both are legal.”  Judge Billings Learned Hand

What Would You Do With $16,000?
Ed is a successful businessman, but thought he might be paying too much in taxes.  After hearing that there might be some significant tax savings available from some missed opportunities…Ed decided to invest in a Strategic Tax Plan.  After analyzing Ed’s business…we calculated that changing his entity structure would save him over $16,000 in just the first year.  Over five years…the savings may well be over $100,000.

What Would You Do With $64,000?
Nick came to us in advance of purchasing a successful service business.  After he decided to invest in a Strategic Tax Plan, we analyzed three possible tax structures for his new entity.  After running various projections, we calculated a difference in federal and state income tax liabilities of $64,000. Not everyone shares the same opportunities for tax saving, but if you own your own business or invest in real estate, you can’t afford to miss the benefits of Strategic Tax Planning.

To earn the designation of “Certified Tax Coach”, and the advanced designation of “Certified Tax Planner,” Thomas L Codington, CPA, CTC, CTP has obtained focused tax planning training and education, and has demonstrated the ability to apply the techniques learned.  The Certified Tax Coach™ program focuses on court-tested, IRS-approved strategies for minimizing the Alternative Minimum Tax, maximizing deductions from real estate and passive activities, maximizing retirement savings, and similarly powerful strategies.  As taxes rise to cover increased government spending, this sort of proactive planning will become even more important in the future.

Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.  Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions.  Judge Learned Hand

What Would You Do With $17,000?
Kyle’s Real Estate Brokerage business was growing when he came to us, and his net income was up.  But, unfortunately, so were his taxes…which totaled over 31% of his income.  When we first told Kyle about our tax planning process, he was somewhat hesitant, not sure we could actually save him much more than our fee.  Our initial estimate of his savings was $7,829.  However, if his 2016 income is exactly the same as 2015, he will save over $17,000 in one year alone.

The Asheville CPA firm of Thomas L. Codington, P.A. designs and helps you implement a proactive plan full of customized tax strategies that minimize your taxes and your risk of audit.  With TLCPA, you enjoy total confidence knowing that you pay the least amount of tax possible.

If you want help saving taxes… Call Tom today at 828-684-6994