Tax Planning Services for Businesses and Individuals
For most Americans, taxes come once a year. You file your return, pay what you owe, and hopefully receive a nice refund that you can put toward a new car or vacation. However, for businesses and wealthy individuals, taxes should be a year-round process that influences many of your financial decisions.
Dynamic Accounting Services offers tax planning strategies to professionals in The Bronx and the surrounding communities to help get the most out of your earnings and keep your tax burden low.
What is Tax Planning?
Tax planning is the art of analyzing your tax situation and utilizing every available opportunity to keep your tax liability as low as possible. With proper foresight and a strategic approach, Dynamic Accounting Services strives to file your taxes, so you only pay what you owe.
Tax efficiency allows you to keep as much of your earned income as possible, paying less to the IRS and saving for your future. You can achieve tax efficiency through a good tax plan that works to maximize your return and limit liabilities.
Credits and deductions can make a significant difference when it comes to how much you owe the IRS. Deductions, as the name implies, are deducted from your taxable income for the year. The standard deduction is a flat rate available to everybody while itemized deductions can exceed the standard rate, but require receipts or other forms of proof.
Credits are deducted straight from the amount you owe, directly reducing your tax liability. There are different credits available to individuals and businesses in specific locations, industries or classes. At Dynamic Accounting Services, we can help you find every credit that applies to you according to the specific criteria of the IRS.
When you put money into a retirement account such as a 401(k) or IRA, it counts as deferred income. This means that those funds don’t count as taxable income for the year, and you won’t pay those taxes until the money is withdrawn at retirement age.
Achieve Tax Efficiency with Dynamic Accounting Services
When it comes to your taxes, don’t let yourself end up paying more than you have to. Call Dynamic Accounting Services today to schedule a consultation and find out more about how we can help you save money and grow your wealth.
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Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.