You know you pay a lot in taxes, but are you paying too much?
With each passing year, the United States tax code only grows more complex: 70,000 pages and counting. The encouraging news is you don’t have to understand it to benefit from it.
You just have to know who to trust.
You deserve the peace of mind that comes from working with a qualified tax professional to develop a tax strategy that minimizes your tax burden and builds your assets.
Proactive tax planning
When most people think of their income taxes, they think of tax preparation and view it as something over which they have little to no control. It’s a self-fulfilling prophecy: the less you plan, the less influence you should expect to have on the outcome.
Every tax season, some tax preparation services rely on this passive tax planning approach, seeking to entice consumers with aggressive promotional pricing.
At Impact Accounting Solutions, we view income taxes as not only something for which you plan, but integral to your wealth strategy.
For new clients, we perform a two-year look-back to ensure you’ve taken all deductions and credits for which you’re eligible. What we’re able to identify in tax savings makes it well worth our clients’ trust in us.
Rather than relying strictly on software, we stay abreast of tax code changes and upcoming legislative proposals to ensure your strategic tax plan is as viable years from now as it is today.
Deduction review & strategic planning
How confident are you that you’ve maximized your deductions? How confident are you of all you can and can’t deduct?
The tax code changes, with tactics phasing in and out, gaining or losing effectiveness. Our strategic planning process includes looking for legal loopholes to minimize your taxable income, allowing you to grow your business and accumulate wealth faster.
We’ll ensure your adjusted gross income is accurate, so you pay only what you owe.
Optimize your legal entity (LLC, S Corp, C Corp, Partnership)
As a sole proprietor, you pay self-employment taxes. Maybe you formed a sole proprietorship thinking you’d minimize your startup costs.
What if your effort to minimize your business formation costs means you’re sacrificing the tax advantages of an S corporation and costing yourself thousands in net income per year?
Imagine what such substantial savings could do for your business, or your investment portfolio.
We perform an entity review for business owners to ensure they have the most tax-efficient business structure for their needs. We’ll also confirm it protects your interests and aligns with your business’s goals.
Tax-advantaged wealth management review
How often do you review your investment portfolio for tax advantages? Has your portfolio outgrown its current setup or investment mix?
Whether it’s a trust, mutual fund, stock portfolio, or other financial arrangement, we’ll evaluate your tax exposure it to confirm you’ve appropriately sheltered your assets from unnecessary tax burdens.
We can also refer you to a trusted financial planning advisor so you can leverage your tax savings to increase your wealth.
How do you know whether your insurance coverage is adequate? How do you know what you don’t know?
While small business owners understand their core business operation, it’s impractical to expect the same depth of understanding with their insurance needs.
The right coverage may reduce your tax bill. The wrong coverage can leave you exposed and cost you more in the long run.
We have relationships with insurance professionals who can guide you to informed decisions that preserve your financial security.
COVID-19 tax consulting (CARES Act, FFCRA)
Did you consider the tax implications of the COVID-19 funding you received?
With a business to run during a global crisis, you likely didn’t have time to worry about the next tax year. We’ll review your circumstances and recommend the adjustments necessary to help you avoid unpleasant surprises in 2022.
Internal Revenue Service (IRS) tax resolutions
Have you received a notice from the IRS?
The IRS knows the tax code. You owe it to yourself to have a tax expert representing your interests.
We’ve assisted many customers in their negotiations with the IRS. Some clients give us power of attorney to represent them, while others prefer to consult with us while taking the lead in their tax matters.
Whether you need to respond to questions regarding your tax filing, negotiate a settlement, or set up a tax payment plan, ease the stress of addressing your tax concerns and engage a certified tax professional at Impact Accounting Solutions.