Tax Planning and Preparation
Strategic tax planning and preparation can make things easier for you and your business. You’re guaranteed a reduced bill for income tax, wealth tax, capital gains, and other taxes on your wealth, savings, investments, assets, and pensions.
Proper tax planning also maximizes your real returns and provides increased estate flexibility when you’re gone.
We at Kristina Helferty CPA can make all those dreams come true. Our tax planning services are designed to help you review your existing taxes alongside your financials to develop a tax plan that will work for you, your family, and your business.
About Tax Planning
What’s Tax Planning?
In the simplest terms, tax planning refers to managing a taxpayer’s financial situation to minimize their tax burden at the federal and state level, both in the short and long-term.
In the short term, tax planning can be as simple as maximizing the client’s withholdings to minimize tax estimate underpayments penalties or as complex as planning a capital liquidation event. More long-term solutions include discussing the client’s long-term goals and working with both the client and their family to capitalize on increased estate tax exemption.
Who needs tax planning?
Every taxpayer stands to benefit from tax planning services. However, business owners, especially those with stakes in partnerships, and beneficiaries of trusts tend to benefit the most from tax planning.
Benefits of Tax Planning
- Reduces the amount of tax your business pays
- Reinvest funds that would’ve otherwise been earmarked for tax
- Allows you to fine-tune your strategies to maximize profitability
- It gives you a head-start and saves you from making rushed decisions
- Utilize recent federal budget changes for the best possible tax outcome
About Tax Preparation
What’s tax preparation?
Tax preparation is the process of preparing and filing tax returns (usually income tax returns). The IRS says that about 80% of taxpayers engage professional tax preparers for tax preparation.
Tax preparation is a daunting process. You need to collect all your tax documents, with W-2s, 1099s, mortgage interest statements, and investment income statements some of the most critical. You’ll need to provide even more documents, including Forms 8822, SS-5, and W-4s.
Moreover, since you must file your taxes on by a given deadline, the rush can create additional problems for business owners. That’s where professional tax preparers come in handy.
Who needs professional tax preparation?
You should consider professional tax preparation if you’re short on time, overwhelmed by the thought of preparing your own taxes, or don’t feel confident in your understanding of tax processes.
Benefits of professional tax preparation
- Reduced risk of errors, leading to reduced audit risks
- Assistance with audits (in case the IRS demands one)
- Save money by identifying opportunities for deductions
- Save time and enjoy greater peace of mind
Our Tax Planning Services
Clearwater CPA, Kristina Helferty, drawing from her 20+ years’ experience in multiple industries, including real estate and retail, offers reliable tax planning services for individuals, businesses, and nonprofits.
The services include;
- Federal, state, and local tax returns
- Income tax planning
- Estate and fiduciary tax returns
- Corporate, individual, and estate tax planning
- Business sales/ acquisitions
- Representation before the IRS
How to Get Started
For businesses or individuals located in Florida, visit our Clearwater offices along 140th Avenue N, Suite 120. Alternatively, fill our contact page or call us directly at (727) 310-2000.