Tax Planning Services In Fairfax County, Virginia
We Help Northern Virginia Business Owners Lower Their Taxes
Overpaying Your Taxes?
Many small businesses overpay their taxes because they do not have a proactive CPA making them aware of tax strategies they could implement. Without active professional guidance and support, small business owners do not take advantage of all the tax incentives available to them. This problem compounds, year after year.
Our three-step tax planning process solves this problem. We carefully analyze a person’s financial situation and apply strategies to help them pay the lowest amount of taxes based on their unique facts and circumstances.
Our objective is to save you more in taxes than our overall fees through identifying ideas and strategies which may save you money in taxes. We perform year-round tax planning and coordination at the business level and at the individual level throughout the year–NOT after year-end when it’s too late to make much difference.
Our Three-Step Tax Planning Process
For most business owners, taxes are the largest expense they have. Are you managing this expense proactively or reactively? When was the last time your tax pro came to you and said “here’s an idea I think will save you some money?”
Step One – Discovery
In a typical tax planning engagement, during the initial discovery process, we meet with you via Zoom to understand where you’ve been and where you want to go. We generally focus on four key areas–business, real estate, investments, and personal. We take the time to analyze your current facts and circumstances to customize a plan that’s right for you. This also involves reviewing your current year records and prior year tax returns for mistakes and missed opportunities. In addition to meeting with you and reviewing your financial documents, we may use questionnaires to augment the discovery process.
Step Two – Prepare Tax Plan
After we perform a review of your current tax position, we make recommendations for how much we estimate you can save with proactive tax planning strategies. In this phase, we prepare a formal tax plan to identify strategies to save you money. This may involve “what-if” scenario planning to decide best options and in-depth tax projections to avoid surprises. Once we complete the tax plan, we will meet with you via Zoom to present you with 1 – 15+ strategies, depending on the circumstances. We will give you guidance to implement the strategies and minimize your tax liabilities.
Step Three – Implementation
Once you have your customized tax plan, you can choose to implement it yourself, with your current tax preparer, or with our ongoing assistance. After we prepare a tax plan, many clients choose to enlist our ongoing help with tax strategy implementation, especially with complex implementations. After implementing changes, we can help you estimate taxes owed each quarter to make proper quarterly estimated tax payments. Finally, we are also available to prepare your business and individual tax returns to ensure the savings are properly reported and actually realized in the tax returns.