Over the course of your lifetime, taxes are one of the biggest expenses you’ll have. And if you think you’re paying too much in taxes each year, you probably are.
In fiscal year 2018 alone, the IRS issued over 120 million individual income tax refunds totaling almost $395 billion.
This number includes small business owners of partnerships, S corporations, regulated investment companies and real estate investment trusts because generally, any profits or losses are passed to the underlying owners (and posted on their income tax returns).
Not only are there a lot of taxes to muddle through, some tax preparers are just more skilled than others. Making a few small mistakes in each section of your return can really add up in lost cash for you.
Plan how much you pay, and when you pay it
A full tax strategy with Morgan & Associates will examine each aspect of your business and investments to help you pay less and protect your assets. We’ll utilize tested strategies to isolate liabilities and use deductions, credits and loopholes to enhance your wealth-building opportunities.
When you lay out a tax strategy that is this comprehensive, you can easily plan how much your tax payments will be, and when they’ll be due. There’s no scrambling to get the money into your account, no surprises and no steep penalties due to late payments.
Find a proactive tax preparer that works for you
If you’re only thinking about taxes during “tax time,” you could be missing some important opportunities. Tax planning can happen all year — not just between January and April. A proactive and strategic approach can help you navigate today’s changing tax landscape and help keep more of what you’ve earned.