Tax Strategies
Tax planning shouldn't begin when it's time to file a return. Decisions involving income, business operations, investments, real estate, compensation, major purchases, and business growth can create tax considerations throughout the year.
1351 Management helps clients take a more proactive approach by identifying the financial decisions that may warrant tax consideration, improving organization, and helping clients prepare for more productive conversations with their qualified tax professionals.
SCHEDULE A TAX STRATEGY SESSIONPlan Beyond Tax Season.
Strategic Tax Planning
Take a proactive approach to understanding how financial and business decisions may affect your overall tax position. Strategic planning helps identify important considerations before major decisions are finalized rather than discovering their impact after the fact.
Business Structure Review
Understand how different business structures can affect taxation, owner compensation, recordkeeping, liability considerations, and long-term financial planning. We help identify areas and questions that may warrant further review with your qualified tax or legal professional.
Year-Round Coordination
Tax planning shouldn't begin in April. Maintaining organized financial records and reviewing important decisions throughout the year can help you prepare documentation, anticipate potential obligations, and coordinate more effectively with your tax professionals.
Tax Planning vs. Tax Preparation.
Tax Preparation
Tax preparation generally looks backward. It focuses on organizing and reporting financial activity that has already occurred and preparing the appropriate tax returns based on that information.
Tax Planning
Tax planning looks forward. It involves considering upcoming financial and business decisions, understanding their potential tax implications, and identifying questions or planning opportunities before those decisions are completed.
The goal isn't simply to think about taxes once a year. It's to understand how taxes may connect to your broader financial and business decisions throughout the year.
Your Tax Picture Is Connected to Your Financial Decisions.
Several areas of your financial and business life can potentially affect your overall tax position. Understanding those connections can help you recognize when additional planning or professional guidance may be appropriate.
Business Structure
Your choice of entity can influence taxation, owner compensation, reporting requirements, recordkeeping, and other financial considerations as your business grows.
Income & Compensation
Different sources of income and methods of owner compensation can have different tax considerations. Understanding how money moves through your personal and business finances is an important part of planning.
Business Expenses
Properly identifying, documenting, categorizing, and maintaining records for legitimate business expenses can support better bookkeeping, tax preparation, and overall financial management.
Investments & Assets
Buying, holding, selling, or transferring investments and other assets can create different tax considerations. Timing, ownership structure, gains, losses, income, and long-term objectives may all matter.
Major Financial Decisions
Real estate transactions, business expansion, major equipment purchases, financing decisions, asset sales, and other significant transactions can have consequences that should be considered before the transaction is finalized.
Recordkeeping & Organization
Strong financial records support more than tax preparation. They can make it easier to monitor business performance, substantiate transactions, prepare for financing, coordinate with professionals, and make better-informed decisions.
Your Business Decisions Can Affect Your Tax Strategy.
Business owners make financial decisions throughout the year—often without realizing that those decisions may create tax considerations.
Rather than waiting until tax season to ask what could have been handled differently, proactive planning helps business owners identify important questions earlier, organize the information needed to evaluate their options, and involve qualified tax, accounting, or legal professionals when appropriate.
What We Review With You.
Your strategy session is designed to take a broader look at the financial and business decisions that may influence your tax planning needs.
Current Financial Picture
Review relevant income sources, business activity, existing entities, major assets, and current financial priorities.
Business Structure
Discuss how your current structure aligns with the way your business operates and identify questions that may need professional tax or legal review.
Income & Owner Compensation
Review how income is generated and how owners are currently compensated to identify areas that may warrant further evaluation.
Upcoming Financial Decisions
Identify planned purchases, investments, property transactions, hiring, expansion, or other major decisions that could deserve tax consideration beforehand.
Recordkeeping & Documentation
Review organizational practices and identify documentation or records that may need improvement before tax preparation or major financial transactions.
Professional Coordination
Identify matters that should be discussed with your CPA, enrolled agent, attorney, bookkeeper, payroll provider, or other qualified professional.
The objective is not simply to discuss taxes. It's to help you understand the financial decisions that deserve attention, the questions you should be asking, and the professionals who may need to be involved.
The Tax Strategies Playbook
The Tax Strategies Playbook is an educational resource designed to help individuals and business owners understand the fundamentals of proactive tax planning and become better prepared for conversations with their tax professionals.
Inside, readers will explore business structures, income and expenses, recordkeeping, deductions, estimated taxes, business-owner considerations, investments and real estate, year-end planning, questions to ask tax professionals, and common tax-planning mistakes.
Ready to Plan Beyond Tax Season?
Don't wait until filing season to start thinking about the financial decisions you're making today. Take a more proactive approach to understanding your tax picture and identifying the areas that may require additional planning.
SCHEDULE A TAX STRATEGY SESSION