Are you someone who worries about tax planning at the end of the tax year and end up making blunders? Then change your strategy and start this tax year with planning with a tax services in Lake Nona FL. If you are bad with numbers, you can seek professional tax services in Lake Nona FL to help you determine your deductions, taxable income and ways to get the best tax benefits.
Here is what’s included in professional tax planning services that tax services in Lake Nona FL offer:
Losses Determination and Planning
Early determination of losses gives you enough time to determine moves to counterbalance these losses. For example, if you want to sell some of your valuables to compensate for the losses and you are already having a slow year, you can wait till the next year to put up your valuables for sale. Choose a high income quarter to sell your inventory – so your losses can make up for the additional income. For obvious reasons, a person with no knowledge about tax and accounting can’t determine and plan losses so strategically. That’s why you should consult a certified tax services in Lake Nona FL with professional knowledge for this job.
Do you care about tax while applying for a loan for your personal or professional needs? If you have a tax services in Lake Nona FL, he/she can guide you regarding the amount of interest on the borrowed money you can write off, when preparing your tax. Plus, the professional tax services in Lake Nona FL will also guide you about the right time to apply for a loan, so you get the maximum advantage from the loan interest deductions. A quarter with a high income is not a good time for borrowing money, as far as the tax liability is concerned. On the other hand, loan interest deductions will work in your favor when your total income drops.
Amending Business Structure
At times, we don’t realize that our existing business strategies are not working in our favor. But a professional tax services in Lake Nona FL can pinpoint the flaws and suggest changes in our business structure that can benefit us. For example, SMBs who own a business have to pay double taxes for the company income, as well as their individual income. But converting their corporation to a limited liability business will save them from paying taxes on the company income.
Saving Taxes on Salary
Another way to save on taxes is to postpone your monthly salary at the end of the tax year. By determining your salary up to January, you can reduce the taxable amount to a significant extent. This can be particularly beneficial if you’ve had a high income year.
Estimating the Amount Payable
Planning your taxes early, allows you to estimate the taxable amount you will owe at the end of the year. This will aid you in your financial planning. For example, you can list down the expenses and investment that can wait till the next year, and plan moves to reduce your taxes.
So the next year you start preparing your taxes, go to a certified tax services in Lake Nona FL professional to seek reliable tax services!
If you need more information about our Lake Nona, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.