CORPORATE & PERSONAL TAX PLANNING
CORPORATE TAX PLANNING
There is nothing more important than tax planning. It is absolutely vital.proper tax planning also often leads to proper retirement planning we offer both individual tax planning and business tax planning that will take your stress out. We do complicated tax situations for wide range of business.
Corporate taxes are collected by the government as source of income. These taxes are paid in companies taxable income which include revenue minus cost of goods sold ,, general and administrative expenses , selling and marketing . Taxes are based on taxable income after expenses have been deducted. Paying corporate tax may be more beneficial for business owners than paying additional income tax. Corporate tax returns medical insurance for families. It is easier for corporation to deduct losses too.
A corporation can deduct employee salaries, health benefit, tuition reimbursement and bonuses. Corporation can reduce its taxable income by deducting insurance premiums , bad debts , fuel taxes. Tax preparation fees, legal services, bookkeeping and advertising cost can also be used to reduce business income
PERSONAL TAX PLANNING
Tax planning can benefit any person that wants to increase their income, by minimising the tax liability .the primary goal of tax planning is to minimise the effect of taxes on your income .the tax planning methods that can help you reduce your tax liability:
• Decreasing your income
• Take advantage of your tax deduction
• Utilize your tax credits