Tax Planning and Strategy
Judge Learned Hand best stated the doctrine of tax planning in 1947 when he wrote:
“Over and over again, courts have said 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 extractions, not voluntary contributions.”
Commissioner v. Newman, 159 F.2d 848 (CA-2, 1947)
It’s very important that tax planning is done on an on going basis when all the different business transactions have not been completed already. This gives the taxpayer more control over the tax consequences. Otherwise, once the tax year has ended, in most cases, clients might be limited to presentation of the facts to the IRS in the most favorable, legally acceptable manner possible.
Our goal at this accounting firm is to work with small business owners and utilize business tax laws that minimizes tax liabilities and keep more cash in the business.
As IRS Enrolled Agents, we are constantly attending tax training’s and seminars to stay abreast of the revolving tax landscape and to collaborate on practical, unique ideas and ways to apply them within the tax law. Our accountants spend more than 80 hours a year just attending tax laws and tax update seminars so that we can help our clients get the most tax benefits possible.