Planning for Tax Season in Advance

Tax Planning is an important piece of your tax puzzle. At Prosperity Accounting Hugo H. Hanson, II CPA P.C., every business client receives annual tax planning in the late fall. Individual clients may also receive in a tax plan. To be successful it's vital to know in what your tax position is BEFORE the end of the year. With tax planning we are able to recommend advantages such as, pension plan oprtions, purchase of assets berfore year end for accelerated depreciation, Health Savings accounts and possible postponments of income. In addition we determine if you have paid enough estimated tax through your paycheck or via quarterly estimated tax payments. We go beyond tax compliance and proactively advise tax saving strategies to maximize your after-tax income.

We recommend Tax Saving Strategies that help you...

• grow and preserve assets by and reduce your current tax obligations
• defer income so you can keep your money now and pay less taxes later.
• reduce taxes on your income so you keep more of what you make.
• reduce taxes on your investments so you can grow your wealth faster.
• reduce taxes on your retirement distributions so you can retire in style.

 
Here's just a few of the Tax Saving Strategies we use...

• Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
• Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
• Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
• Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.

Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

To learn more about proactive tax planning in Weaverville/Barnardsville area by calling Prosperity Accounting and asking for Hugo to schedule your tax consultation.