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For many, tax season is a once a year event that brings with it a certain degree of stress and anxiety. However, for businesses and proactive individuals, taxes are a year-round process that constitute dedicated time and analysis to properly plan for.
California Prime Accountancy Corp. provides expert tax planning and preparation for both businesses and individuals in Alhambra and the surrounding communities. Contact our firm today to find out how an experienced and knowledgeable CPA can help you lower your tax liabilities so that you only pay the IRS what you actually owe.
Get Ahead of the Curve with Our Tax Planning Services
By getting an early start on your taxes, you put yourself at a considerable advantage when it comes to mitigating your tax burden. Proactive tax planning empowers you to take charge of your tax liabilities and develop strategies to keep them low.
California Prime Accountancy Corp. analyzes your prior tax returns and current financial situation to develop and establish a strategic plan to maximize your take-home income while minimizing your tax bill. This is known as tax efficiency.
Deductions and Credits
Standard and itemized deductions allow you to deduct certain expenses from your tax return, such as business-related spending. Standard deductions have a maximum dollar amount, whereas itemized deductions can exceed this limit, but require receipts and records to corroborate the claims.
If you meet certain requirements, you may apply for tax credits, such as the Earned Income Tax Credit or the Child and Dependent Care Credit. These credits are applied directly to what you owe the IRS, and in some cases, even create a surplus that goes straight to your refund.
Lower Your Burden with Retirement Planning
Retirement plans such as IRAs and 401(k)s not only save for your future, they save you money in the short-term too!
Funds that are put into retirement plans are known as deferred income. The money is not counted toward your taxable income for the year, and no taxes are paid on it until it is withdrawn.
Expert Tax Planning in Alhambra
California Prime Accountancy Corp. has the experience and expertise you need to keep your tax burden low while remaining compliant with all state and federal tax agencies. Contact our firm today for a complimentary 30 minute consultation.