What is Proactive Tax Planning?​

What if changing to a CPA advisory firm focused on proactive tax planning could save you thousands of dollars in taxes and help you make better financial decisions?

Most accountants do a fine job of filing tax returns, getting the right numbers in the right boxes on the right forms. But then they call it a day. The real secret to managing taxes is planning.

New federal and state tax laws are emerging all the time. Instead of focusing on what the new laws do, a CPA advisory firm focuses on the business and estate tax opportunities a new law creates. Proactive tax planning makes the most of new and existing tax law opportunities to help clients avoid triggering tax events in future years, such as:

  • Sale of real estate or business assets
  • Inheritance of estate or retirement assets
  • Business M&A transactions
  • Stock share sales, dividends and interest
  • Pass-through entity owner taxation
  • Foreign investment taxation
  • Withdrawals from some retirement funds

Financial statements and tax returns provide a summary of what has already happened.   Fortunately, new accounting technologies offer opportunities for business owners and individuals with complex estates to analyze their financial situation in real time. With accurate accounting data, you can minimize tax liability, improve cash flow and preserve wealth. Therefore, tax planning happens in tandem with accurate monthly accounting and analysis by an in-house team or an outsourced CFO or controller.

If you are looking for more than an accountant to produce financial statements, file your return and inform you of taxes owed, then working with a CPA advisory firm is worth the additional time and planning throughout the year.

Contact our Tax advisory team

See Anglin’s Mid-Year Tax Planning Letter