Tax Planning vs. Tax Preparation Like most people, I depend on my CPA or tax preparer to keep me clean with the IRS. In over 50 years of business, I have been audited twice without having to pay any extra taxes or penalties. A good tax person is so valuable to you, your family, and your business. Because the tax code is approximately 70,000 pages and changes every year, there is no way a single tax preparer can know all the legal loopholes provided to a business. I have a team of experts that help business owners reduce their personal income taxes with strategies that you will not find on Main Street. If a client owes more than $150,000 in taxes our team can reduce their tax liability by around 50%, almost 100% of the time. However, most business owners or families do not have that sort of tax liability, and over the past 39 years, I have discovered that I can help families and business owners reduce their personal income taxes by around 33%. Recently we found a deduction for one of my clients that his CPA had overlooked for three years, and after we had his returns amended, the IRS owed the client $43,000. This happens quite often, and in addition to your CPA or accountant, it is always good advice to get a second opinion, especially if you can do so without spending your money to get this information. One topic that is not talked about enough is the Cash Balance Plans. They are one of the fastest-growing retirement strategies in America, and it didn't just happen; it took 20 years to become an overnight success. Now there are approximately $27 million in top-line deductions waiting for people to discover. A decade ago, cash balance retirement plans were virtually unknown. But today, they have become one of the most exciting retirement planning options available. Often called hybrid plans, cash balance plans combine the flexibility and portability of a 401(k) with the long-term stability of a pension plan and they offer enormous tax savings for businesses.
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