Does Your Business Have a Tax Saving Strategy?

April 15, 2021. Tax Day. It may seem far away, but now is the time to develop a tax planning strategy. Tax planning is an important step for businesses and offers several benefits including saving you money.

Getting Started with a Tax Planning Strategy

Before we delve into the benefits of tax planning, let’s start by explaining what it is. Tax planning is a review of your accounts, while seeking out tax-saving breaks. When you partner with 4Corner, our experienced tax experts look for these tax-saving opportunities year-round to ensure that your personal or business finances are prepared and that  you keep as much money as possible. In order to put together a tax planning strategy, our tax planning team examines all of the deductions available to you, taking into account allowances and exclusions. Our tax planning services also include routine checks of accounts and an evaluation of what is owed.

Find Savings With A Tax Planning Session 

Scheduling a tax planning session offers several benefits, including:

• Reducing the amount of taxable income
• Lowering your tax rate
• Applying any available tax credits/deductions
• Estimating likely profits or losses for following quarter

The purpose of a tax plan is to do a full analysis on your life and business to help you pay less in taxes.

Tax Planning and COVID-19

4Corner has been keeping abreast of the Covid-19 tax relief developments and tax planning is as crucial as ever this year. Our team understands just how hard businesses have been hit due to the pandemic. With the passing of the CARES ACT earlier this summer, which provided some relief to businesses of all sizes, tax planning may look a little different this year. There are additional tax deductibles that can be taken advantage of as a result of the stimulus package. The good news is that having the right tax planning strategy can help you steer in the right direction going into 2021.

Tax season may not “officially” begin until early next year, but this is the most important time of the year to get your financial information up-to-date and ready. With 4Corner, preparing, filing, and saving on taxes is easier than ever. Schedule your free consultation to learn more about what 4Corner can do for you today!