Tax Planning Packages
When most people think about taxes, they picture crunch time in the spring, which involves gathering documents, signing forms, and hoping for a refund. But the truth is, tax planning works best when it happens before you file. By reviewing your situation early, you can spot opportunities and make informed decisions that could improve your financial outcome.
At Cooper CPA Group, we offer three levels of tax planning services, from quick consultations to in-depth strategies, so you can get the guidance that fits your needs.
2-MINUTE DRILL CONSULTATION
Gain an understanding of your specific circumstances
Review previously filed tax return during 1-hour meeting to determine any life or business changes, and relevant tax law changes
Receive a planning "cheat sheet" of tax questions for the future
TAX PROJECTION
A brief phone call to discuss yearly changes and expectations
Receive a projection based on last year's numbers and current activity (an estimate)
1-hour meeting to discuss the projection and answer questions
INDIVIDUAL OR BUSINESS TAX PLAN
Initial Zoom meeting or phone call with a tax preparer to go over new items this year and request items needed
A full projection will be run based on the client’s adjusted numbers
If undisclosed information is discovered or further research is required, it will be deemed out-of-scope services, which will require a price increase.
A list of actions that should occur before December 31st to assist with minimizing taxes before year-end, and gain insight on needed adjustments
Summary meeting where findings are discussed to set a direction
Ready to implement tax saving strategies?
Frequently Asked Questions about a tax Plan
What is a tax plan?
A Tax Plan provides peace of mind and an opportunity to minimize your tax liability. A Tax Plan consists of reviewing business and personal financial documents used to compute estimated tax liability. The Plan will provide insightful information that allows you to make business decisions that create additional tax deductions or the deferral of revenues to reduce your tax liability. We will develop multiple scenarios for you to visualize the effect of the various strategies we are proposing. It is critical to act on the strategies selected before year end because after December 31 it is merely history. This process is actually the most important step to producing a quality tax return. We will complete the process with a meeting to discuss the plan to produce the best possible outcome.
Is getting a tax plan only beneficial for businesses or is it beneficial for individuals as well?
A Tax Plan is very beneficial for individuals who have complex tax returns. If you have a sole proprietorship it is basically reporting business activity in your personal tax filing that has the same complexities as an actual business tax return filing. You would need a plan to compute the tax liability being generated from the business activity. You have harvesting of losses, non-cash deductions, rental properties, passive activity income(losses) from K-1s, and the tax attributes of other personal investments that create the need for a plan. Peace of mind and reduction of your tax liability is still the ultimate goal of the process, business or personal.
How would you reduce my taxes?
By preparing a plan and gathering your financial documents we can clearly see your business and personal activity. We look for methods to accelerate expenses, defer income, or identify investment opportunities that will allow for minimizing your taxes. This process will be completed before year-end to allow for the implementation of the identified strategies. Being organized, aware, and proactive will assist with lowering your tax liability.
What are the steps for a tax plan?
Set up an appointment to discuss your business and personal activity.
Gather your documents and update your financial accounting records with the most current information.
Accounting clean-up may be necessary to have solid financial information to create the plan.
After creating the projection and reviewing your financial records we may request additional documentation to reduce your projected liability.
We will have a meeting once the plan is completed to discuss the strategies being recommended.
You will need to execute the strategies.