Benjamin Franklin famously said, "Failing to plan is planning to fail," and these insightful words stand the test of time, particularly regarding your financial future. 

So, have you thought about your financial landscape for the next decade or retirement? What measures are you currently implementing to alleviate your tax obligations? Answers to these queries go beyond mere numbers and paperwork; they demand an all-inclusive, tactical perspective on tax and estate planning. Your tax decisions as an individual, family leader, or business owner, can significantly impact your financial health. 

At TAM Accounting, we are dedicated to comprehensively analyzing each client's tax and financial situation. Our approach is two-fold: a detailed microscopic view and a holistic macroscopic perspective. Our team of seasoned accountants and attorneys is committed to providing you with the guidance and support you need, enabling you to navigate the financial seas with confidence. 

We go beyond merely filing your tax returns. We help you understand how your tax scenario has evolved over time and empower you to make informed, future-proof decisions. Whether you are exploring avenues to minimize your tax liabilities, considering a new business incorporation status, or managing estate assets, TAM Accounting is your reliable partner in this journey. 

Our proactive approach and strategic tax planning are tailored to your unique financial goals. We focus on aligning your tax decisions with your wealth growth objectives, thereby maximizing your savings, and securing your financial future. With TAM Accounting, you are not only navigating the complexities of tax and estate planning but also setting the stage for financial success. 

Tax Planning versus Tax Preparation 

It's not unusual for us to hear, "I already have a tax preparer, why would I need more?" The heart of this concern lies in understanding the distinction between tax preparation and tax planning. While tax preparation focuses on the annual responsibility of filing your tax returns, tax planning is a proactive and strategic approach to optimizing your overall financial well-being. Here is how: 

  • Understanding your Financial Landscape: A tax planner dives into your entire financial ecosystem - your business, your investments, your history - guiding you to make decisions that reflect your long-term financial aspirations. 

  • Navigating IRS (Internal Revenue Service) Rules and Regulations: The tax landscape is intricate and ever-changing, making compliance a daunting task. Non-compliance can invite hefty penalties. A proficient tax planner helps you stay on top of these regulations, offering critical guidance on how IRS rule changes might impact your financial status, and proposing actions that could improve your tax position. 

  • Assisting in Corporate Restructuring: Whether you are incorporating for the first time or transitioning from an LLC (Limited Liability Companies) to a corporation, the laws and tax rules for each entity type are complex. Why navigate it alone? A tax planner can assist you through the transition, ensure all required documentation is in order, and prepare your business for future growth. 

  • Leveraging Tax Credits: A variety of federal and state tax credits are available to both businesses and individuals. For instance, if your business has several employees, you might qualify for tax credits under the Affordable Care Act. Or, if your workforce lost significant workdays to COVID-19, a tax planner can help ascertain if you qualify for the Employee Retention Credit. Additionally, Research and Development tax credits cover a wide range of business activities. An adept tax planner can help identify and claim the credits you are entitled to. 

In summary, while tax preparation assists with annual tax responsibilities, tax planning takes a 360-degree view of your finances. It is an ongoing process of strategic decisions to reduce your tax liability and enhance your financial health. At TAM Accounting, we pride ourselves on offering both these critical services, ensuring your financial journey is seamless, well-informed, and optimized for future growth. 


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