Business & Financial Solutions – Tax Planning
At Business & Financial Solutions, we are cognizant of the fact that the simplest method of year end tax planning is comprised of delaying tax bills for the future. This is done through the deferment of income into the following year. In turn, accelerating deductions into the present calendar year.
An example of this is to postpone an IRA withdrawal. And a different example would be to pay your January 1st mortgage interest ahead of time in December. However these days, tax planning is no longer so simple with the IRS. Now tax planning calls for advanced strategies and timely implementation for the most effective results. Our company will assist you with the development of a solid tax planning strategy for the best outcome.
BFS provides guidance and advice for individuals and businesses. We regard specific business transactions and tax planning. Our services include assisting clients with selecting the best ownership structure for their businesses. Further, we advise them on how to reduce their tax liability. In addition, we prepare contracts including employment agreements and buy-sell agreements.
Advise is always in consideration of the significant affects to tax outcomes. Some of the business tax planning issues we offer help with include obtaining a favorable ruling on section 355 spin-off in association with a section 368(a)(1)(D) reorganization.
Other services include offering assistance to a corporation that is forming an Employee Stock Ownership Plan (ESOP) when the employees have acquired 51% ownership through tax deductible payments and selling shareholders is deferred indefinitely through deferred recognition of taxable gain. BFS offers assistance with drafting a complete shareholder agreement. We consider the tax consequences of a buyout by an employee shareholder, transferring liability, alter ego liability, and successor liability. We also obtain favorable private letter rulings for corporations that need to reduce the tax effect of their distributions.
When determining your taxes, Adjusted Gross Income (AGI) plays a key factor. Many other things are dependent on this amount or on modifications to your AGI including various tax credits and your tax rate. AGI can even impact areas of your financial life irrespective of taxes. Such an examples are dealings with mortgage lenders and college financial aid programs. Banking transactions, which will routinely affect for your AGI, are considered as well. This is because your Adjusted Gross Income is a key measure of your financials.
The AGI is a critical point to begin your tax planning. Thus, the adjusted gross income important role in tax planning.
What is your adjusted gross income comprised of?
AGI represents your income from all sources the lessor of adjustments to your income. This means that the higher the amount of your total income, the higher your adjusted gross income would be. The more income you have, the more you will end up paying in taxes and the less money you make, the fewer taxes you will need to pay. The primary way to reduce taxes is by reducing your income. The best way to reduce this taxable income is by diverting your funds to a 401(k) or a similar retirement plan at work. This contribution lowers your taxable wages and lowers your overall tax bill.
For the best Rockville and Frederick, MD, Vienna, VA Tax Planning Services, contact us at (240) 297-1055 or send an email to firstname.lastname@example.org.
Visit us in Vienna Virginia, Maryland and Washington DC Metro Areas
1604 Spring Hill Road, Suite 212, Vienna, VA 22182
17 W. Jefferson Street, Suite 2, Rockville, MD 20850
5100 Buckeystown Pike Suite 250 Frederick MD 21704
Phone (240) 297-1055, Fax (240) 297-1055