TAX PLANNING TAMPA + TAX STRATEGY TAMPA
We can help you create a strategy to get the most out of your taxes, season after season! The goal is to create a plan that benefits you and your business for years to come. Our team specializes in Proactive Tax Planning for Tampa Business Owners & Real Estate Investors
Contact us today to speak with a Tampa Accountant at Taxes Tampa to answer all of your individual and business tax questions via our free tax consultation!
Pricing starts at $3,500
How we saved our clients $192,868! 4 Tax Planning Case Studies
These 4 tax planning case studies include:
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$7,500 in taxes saved - EV credit Amendment
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$12,366 in taxes saved - IRA Rollover Amendment
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$23,341 in taxes saved - QBI Error Amendment
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$149,661 in taxes saved - Cost Segregation
In our first case study, we uncovered, through a prior-year review, that the client's prior accountant missed their purchase of a qualifying EV and therefore the EV credit of $7,500! We amended the return and secured a refund for the client from that prior-year review alone.
Our second client, received an IRS Letter stating they owed $12,366 from an IRA they rolled over because the IRS believed it to be a taxable withdrawal. Unfortunately, because the taxpayer started the rollover in 1 year (Nov/Dec) and completed it in another year (Jan/Feb), the fiduciary erroneously tagged it as a draw and not a rollover, and we had to write to the IRS to further explain. We were able to get the entire $12,366 balance removed from the IRS!
Want to learn about the other 2 cases where we saved clients even more? Click the link below!
What we look at during tax planning sessions
Tax Planning is tailored individually to our clients, so no tax plans look the same. We work with business owners, high-income W2 clients and real estate investors.
But here are some common ways in which we've been able to assist our clients through tax planning :
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Retirement rollout strategizing (chunking Roth Rollovers, planning for SSA and IRMAA, etc.)
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Short-Term Rental Real Estate strategizing (from educating on the 101s, to acquisition, management, transition to passive ownership, and onto 1031s and sales)
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High-earning W-2 clients: two main strategies we use are (a) small business ownership (buying a small business with heavy fixed/tangible assets like storage facilities and laundromats to depreciate) and (b) short-term rentals (cost segregation studies)
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Restructuring existing businesses with multiple partners (Looking at a restructure of a Partnership to an S-Corp Holding Model between owners. Tax Planning is then done at the individual level)
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Restructuring businesses looking to sell via Section 1202 Tax Loophole (have to restructure and/or transfer stock basis early enough to qualify, so always forecasting)
Looking for a second opinion on all things taxes? Reach out to us!
What is included in Tax Planning Process?
Our $3,500 Tax Planning Package includes:
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Prior-return review (1-2 years, Personal and Business)
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Current-year forecast based on YTD Income (Personal and Business) (pay stubs, financials, etc.)
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Review of currently implemented strategies (i.e. home office, Section 179, Augusta Rule, etc.)
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List of possible unused tax planning strategies (Section 1202, Cost segregations, REPS, etc.)
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Estimated implementation costs, deadlines, and a written action plan(s) per strategy (i.e. some strategies like cost segregations, you will need a third party for so we will help you price shop those services, track deadlines for compliance and walk you through how it all impacts your final tax bill)
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Comparison of potential savings, cash outlay, ongoing costs, and complexity per strategy (before implementation, we focus on education so you know what you're doing BEFORE you do it. i.e. your ROI is your tax bracket, so $10,000 spent is $2,400 saved.)
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An estimate of your tax liability under your current approach.
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A comparison of suitable alternatives and their estimated tax effects.
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The cash required, professional fees, documentation, and deadlines.
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A prioritized action plan identifying who handles each step.
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A review meeting to discuss recommendations.
If you're looking for an accountant to tailor tax services to your specific family and business, give us a call!
Why you should consider Tax Planning before major decisions!
Because Tax Planning can take time, we always encourage clients to reach out early, well before making a major life decision!
Examples of major decisions for which tax planning done beforehand include:
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Converting to S-Corps (You may not need an extra tax return and tax prep invoice yet. You may not be ready for payroll yet. You may not understand what you're signing up for.)
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Buying or selling a rental property (it's a common mistake that clients think it's a guaranteed deduction regardless of whether it's passive or active; that all rental losses are treated the same. That couldn't be further from the truth. Let us help you review the pros and cons of long-term tenants versus a short-term rental before you put the property in service!)
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Doing major Roth conversions or retirement draws (please let us know before you roll out a bulk chunk of your retirement so we can get ahead of taxes, penalties and plan compliance around any possible reasonable cause!)
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Changes in compensation (i.e., W-2 employees who are new to RSU's, a switch from being always W-2 to now being full-time 1099, etc.)
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Moving states! (Moving from a no- or low-income state like FL to a high-income-tax state like CA or NY means extra taxes to plan ahead for!) See here for more about being a part-year CA/FL resident!
Let us help you get ahead of taxes through proactive tax planning!
Tax Planning FAQ's
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What is the difference between tax preparation, tax projections, and tax planning?
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Tax preparation is looking BACKWARDS with no strategies.
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Tax projections are looking AHEAD with the same strategies.
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Tax planning is looking AHEAD with new strategies.
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Does every strategy require spending money?
- No. Some involve changing how you structure or manage existing activities. When spending or investing is required, we compare potential tax savings with the cash needed and ongoing costs.
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Who is responsible for implementing the recommendations?
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It depends. Some implementations we can assist with (Accountable Plans, Augusta Rule, etc.), some implementations a financial advisor is needed for (opening SEP plans, 401ks, etc.), some need a third-party specialist (cost segregation studies) and some the client needs to do (rollovers, approve a restructure, etc.)
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Can you help if I have multiple businesses or properties?
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Yes! We have helped tons of clients with multiple businesses and real estate properties with tax planning. Our approach is to review each business or property individually, then look at everything holistically to create your custom tax plan.
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Looking for a second opinion on a prior-year return, a forecast on the current year or a formal review of your situation? Call us today!
Why Entity Structure Matters for Tax Planning in Tampa FL
The Answer: Math
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Single-Member LLC Makes $100k Profit ($24k Tax Bill)
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S-Corporation Makes $100k Profit ($11k Tax Bill)
Doing a tax plan can help determine whether your current entity structure is the most tax advantageous for you. For example, we will evaluate:
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The pros, cons, and tax savings between pass-through entities (S-Corps and Partnerships)
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The pros, cons, and tax savings of switching between a pass-through and a C-Corporation
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Identify which structure helps to reduce, mitigate or defer state and local income taxes
Contact us today for experienced and highly skilled Tampa Accountants who will take a 360-degree look at your entire financial and tax situation, and its details and advise you on the best entity structure for your facts and circumstances. As the top accounting firm in Tampa, we are well-versed in all businesses large and small!
Contact us today to meet with a Tampa Accountant at Taxes Tampa who can answer all of your individual tax questions via a free tax consultation!
What's the difference between an LLC and S-Corp for Tax Planning?
The main differences between the two are:
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A single-member LLC's activity is reported on the owner's individual tax return (Form 1040)
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An S-Corporation activity is reported on a separate tax return (Form 1120S) which produces a K1 that is then flowed into the owners personal return to determine the tax liability
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A single-member LLC is not required to run formal payroll (i.e. W2)
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An S-Corporation is supposed to run a reasonable salary withing a few years of the election (barring a few exceptions like consistent losses). We can help you find a reasonable salary using BLS comparisons for your role and responsibilities
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Formal payroll is just telling the State of FL that you're an employer now with your LLC, and running your distributions as formal paychecks that have income tax, social security and medicare taxes withheld.
Contact us today to meet with a Tampa Accountant at Taxes Tampa who can answer all of your individual tax questions via a free tax consultation!
Retirement Planning's impact on Tax Planning
Even if you’re self-employed or your employer does not offer a retirement planning benefit, you can still set up a solo retirement plan. These types of plans help you qualify for other tax benefits and tax-advantaged investments.
We offer tax planning in the areas of:
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SEP IRA's (Simplified Employee Pension)
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Traditional 401k's
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Roth IRA's
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SIMPLE IRA's (Savings Incentive Match Plan)
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Solo 401k Plan's
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Self Directed Accounts
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SSA and IRMAA Implications
Making sure you know all of your retirement plan options is key to tax planning.
Contact us today to schedule a free tax consultation with a Tampa Tax Accountant at Taxes Tampa to review our tax services and your business tax questions! We are the #1 Accountant dedicated to providing you with the best tax services in Tampa.
Our 4 Step Tax Planning Process: Review → Forecast → Compare strategies → Build your action plan.
Our 4-step Tax Planning Process looks like:
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Review
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Prior-year returns (business and individual)
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Current year financials
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Current year structuring
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Long-term business and individual goals
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Current tax strategies deployed
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Forecast
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Current-year tax exposure without new strategies
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Current-year structure without any changes
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Compare
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Layering into the forecast changes if implementations and recommendations are followed from the tax strategy opportunities identified (i.e. restructuring, missed deductions, missed credits, etc.)
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Building your plan
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Individualizes plan that details ROI on opportunities identified, cash outflow to deploy strategies, implementation timeline and if specialists need to be brought on; review call(s) to check in on follow-through, etc.
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Tax Planning Services for Startups! Entity Formations and S-Corps
Our startup packages include:
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Business Registration and Set Up – IRS EIN
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Business Registration and Set Up – Register for FL State Corporation
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Business Registration and Set Up – FL Sales Tax ID + FL Resale Certificate
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Help setting up QuickBooks Online accounting software
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Help in the long term with entity optimization (i.e. switching from a single member LLC to an S-Corp once it makes sense to (usually happens when you start netting +/- 35k after expenses.)
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Help with any sales tax questions throughout the year
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Help with any payroll tax questions throughout the year
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Help with tax planning/consulting throughout the year
Still have questions? Visit our FAQ's page to review frequently asked tax questions for individuals and businesses! Our Tampa Tax Accountants can't wait to meet you and learn more about your personal and business goals.