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True or false: If your business makes money, it is profitable.

If you thought true, that may not always be the case.

Why?

Because much of the money you’ll make will go straight to taxes and other liabilities. So more is required  than simply increasing sales or revenue to become a profitable and successful business.

You need a TAX PLAN.

What is a Tax Plan?

A tax plan involves working with a qualified professional, such as a CPA, to analyze your financial situation to ensure you are implementing the right strategies that will result in you paying the lowest amount in taxes as is possible. But how does a tax plan help you save money?

1. A Tax Plan Helps You Make Smart Decisions

First and foremost, if you want to reap the maximum benefits, the most effective and efficient time to begin tax planning is before the start of a new year! This gives you time to:

  • analyze the current year;
  • take final action during the current year to save money in taxes the following year;
  • and use the current year data to develop and implement a tax plan for the following year.

Once you begin the tax planning process, your CPA will help you determine which tax credits and deductions to take to best serve your business interest and save money in taxes. Making strategic moves like these will help you to keep more of the money you make!

For this reason, it is crucial that work with a CPA that truly understands your financial situation and your business goals.

2. A Tax Plan Keeps You Up-To-Date

In the tax world, a lot changes from year to year – tax codes, tax brackets, etc. By developing a tax plan each year, this ensures that your strategy is up-to-date with current tax laws to ensure that the strategies you’re putting in place are working effectively. This means you’ll get the maximum benefit!

Let’s Talk

Now that you know the simplest way to make your business more profitable, let’s put it in action!

Email reception@alfanocpa.com to schedule your complimentary 45-minute consultation. At this meeting, you’ll meet with David Alfano, CPA to discuss strategies you might implement to save thousands of dollars in taxes next year!