3 Reasons Why Tax Planning will help you meet your Business Goals

Finally! You have completed the mammoth task of putting your taxes in order and filing for the year before the deadline. Or perhaps you are finally ready to meet that much needed extension. This allows a massive sigh of relief and a sense of freedom. Most likely, all you want to do is move on and forget the daunting task of even thinking about taxes. At least for a few more months. Taxes may seem daunting and time-consuming because many businesses often leave their tax management to the last minute.

For small and growing businesses, understanding taxes is similar to working through a complex maze. Tax financial compliance and avoidance of liabilities are the primary reasons for tax filing. However, taxes can be the ideal tool to help improve your overall financial situation within a year. With tax planning, you can incorporate how you manage taxes towards the success of achieving business goals. Here are three reasons why taxes will help you meet your business goals.

Reduce the Amount of Taxable Income

There are many different ways to reduce taxable income, and working with a CPA is the best way to navigate potential strategies. The possibilities include business insurance expense deductions, tax-free fringe benefits, tracking carryovers, employee-sponsored retirement plans, and so much more.

Take Control of When You Pay Taxes

Plan your tax payment to align with your cash flows so that large tax bills do not put your business under unnecessary pressure. You can also schedule your tax payments to avoid potential liabilities. Bringing forward expenses can help you reduce an immediate tax obligation. Engage a CPA to ensure you optimize your tax payments.

Discover Ways to Reduce the Rate of Tax

A CPA will accurately point out how you can reduce your tax rate by understanding the company tax rate (and other taxes) for your business to assessable income. With the help of a CPA, you can create a tax efficient company structure. Additionally, learn where to allocate your profits to define where you are eligible for a lower rate.

The professional team at RCN CPAs will make sense of your current tax situation and pick out the clues that will lead to how you can make it better. Engaging a CPA right after the tax season is the best way to move forward. Do not wait for the next rush. Let’s start together at the beginning of the year to identify missed opportunities and build a month-on-month plan that will improve your budgetary efficiency. Remember, the best way to save on taxes is to look ahead and create a tax plan.

Miriam Blednick

I am a small business owner and found this firm a few years ago and could not be happier. I was worried it might be hard to switch but after my initial meeting with the owner, Nneka, and her staff it was an easy decision. They are all amazing people. We have an unusual business model but it took them a very short time to understand because they asked questions and listened. Over the past three years, Nneka, has given me excellent advice that helped me make solid decisions for the business and for my personal retirement. If you need a CPA, they see all types of clients, I personally and professionally highly recommend them.

Seyi Oshikanlu

Nneka is knowledgeable, she listens and understands your goals and then makes a plan to achieve these with you. Many CPAs simply use software and are not ready to educate you on how to utilize the benefits you have. She is not a cookie cutter professional but one who cares, listens cos she has ears and then helps you achieve your goals! Thanks so much!

Maurer Co Retaining Walls

They have really helped us to keep on the right track!! We love our accountant!! They give us monthly financial statements and we have a standing monthly online meeting to go over our statements, ask any questions and plan for the future. Best accountant ever!!!

Cosmic Aureas

CPA Nneka Nwobi provided very valuable tax related recommendation which helped save thousands of dollars that would have to otherwise be paid to the IRS. Nneka is very professional and prompt in email communication. I am truly thankful to her and appreciate her for her knowledge and the valuable recommendations that she made on how to best approach my situation.

Romaine Washington

I received very valuable tax information from Nneka Nwobi. Making her services and tax questions available with no obligation is a lost art from any business owners today. I really appreciate her professionalism, knowledge and recommendations on how to best approach my text situation.

Anthony Okoye

Excellent service

Ron Campbell

Nneka Nwobi's response to my request for help in making some adjusting entries and correcting some accounting matters was EXCELLENT! I especially appreciated her showing me how to do it using Zoom screen sharing on my Quickbooks account as well as explaining the transactions. It is a pleasure working with her.

Redmond Bandy

This place is so professional, timely, and they pay attention to detail. Will be working with them forever. 10/10

Yasuo Matsuzawa

Great team at RCN and the team is efficient

Scott Korey

Everything you would look for in a CPA: professional, timely, and personal. I've been trusting them for years with tax preparation and love the confidence that engenders. Their service is a great value, as well.

Reduce the Amount of Taxable Income

Take Control of When You Pay Taxes

Discover Ways to Reduce the Rate of Tax

Recent Blogs