There are many tax planning strategies available to business owners, yet far too few take advantage of the tax provisions available. Tax planning is critical – it serves to reduce your tax liability by properly structuring your business transactions so that you mitigate your tax obligation and maximize your after-tax dollars.
Tax planning has to be implemented prior to a taxable event. A properly formulated and executed tax plan affords a business owner the opportunity to protect assets, maximize income, minimize taxes, and create wealth building benefits. The US tax code is about 4 million words long – it is huge and complex – but filled with great opportunities for the informed.