Tax Planning

Tax Planning In Tucson, AZ

As sure as the sun is going to rise each day, tax time is going to come each year. It is an unavoidable fact of life that we pay taxes and the very basis of how our society functions.
 
What many do not realize is that although tax time only comes once per year, that does not mean you only need to worry about it once per year. Planning out your taxes should be a year-round process, with many factors taken into consideration.
 
Michael M. Katz, CPA has been helping small businesses in Tucson and the surrounding areas develop effective tax plans since 1980. With decades of experience comes the expertise needed to get the most out of your tax return and protect your assets.

What Is Tax Planning?

Tax Planning is the process of analyzing your finances to determine your tax burden. This allows you to make informed decisions in order to minimize your liabilities and maximize your deductions.
 
Your total liability is the sum of all taxable events throughout the year. This includes your income, the collection of an inheritance, or the sale of assets, such as a car or home. All of these actions incur taxes that are then owed to federal and state revenue agencies, and the more you earn, the more you owe.
 
So how do you lower these liabilities to minimize the amount you have to pay in April?

Effective Methods of Reducing You Burden

Michael M. Katz, CPA has been handling tax planning for small businesses from the very beginning. The many years of experience have given Michael unique insights into the process which directly benefit you and your business.

Some of the most effective methods of lowering your liabilities involve decreasing your taxable income. This means taking advantage of IRAs and 401(k)s, which render invested funds non-taxable until collection. 

Credits and deductions are another means of protecting your finances. Credits, such as the earned income tax credit reduce your liability, and deductions such as gifts and charitable donations can be claimed on your return.

It is, however, paramount to stay up to date on the most current laws. Tax laws change from year to year, and state to state, and can have a significant impact on the way you plan your taxes. That’s why Michael M. Katz, CPA stays informed of changing tax codes on your behalf. After all, you run a business, not a law firm.

Get Started Today

If you operate a business in Tucson, Oro Valley, or the surrounding areas and don’t have a tax planner, you may be paying the IRS and state revenue agencies more than you need to. Contact Michael M. Katz, CPA today to find out what we can do to safeguard your financial future.

Tax planning and tax forecasting services for individual and small business clients is a core competency of the firm. Effective tax minimization begins with long-term tax strategizing to establish overall objectives and is maintained with conscientious and consistent annual tax forecasting and mid-year tax planning.