Does this sound familiar?

You call up your tax person and ask for help in saving taxes. 

They invite you to sit down with them sometime in November or December, take your P&L statement, project it out through December 31, and transfer the numbers to their tax software. 

They calculate how much tax you are expected to owe, then tell you how much you should adjust your Quarterly Tax Estimate for January. 

If you show them your tax bill, they’ll suggest buying some equipment or a new vehicle before the end of the year, or maybe setting up a qualified retirement plan. Not that these are bad things to do but…

That’s not planning. That’s projecting.

Tax Planning

Tax Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.

Tax Planning

With Plentybooks you get an experienced professional who provides you with the perspective needed to guide you through the tax process – both as it is and how it will change in the future – and help you devise a personal or business tax plan to get or keep you in the green.

  • Business income estimation
  • Personal income estimation
  • Expense determination
  • Business tax structure
  • Possible tax credit identification
  • Possible tax deduction identification
  • Devise the best tax strategy for your needs

What are Tax Planning Strategies?

We recommend Tax Saving Strategies that help you…

    • Grow and preserve assets by keeping the IRS out of your pockets.
    • Defer income so you can keep your money now and pay less taxes later.
    • Reduce taxes on your income so you keep more of what you make.
    • Reduce taxes on your estate so your family keeps more of what you’ve made.
    • Reduce taxes on your gifts so you can give more.
    • Reduce taxes on your investments so you can grow your wealth faster.
    • Reduce taxes on your retirement distributions so you can retire in style.
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Here’s a few of the Tax Saving Strategies we use…

    • Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
    • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
    • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
    • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
    • And many other strategies unique to your situation…

We work for you, not for the IRS.

Our clients save many times our fees in reduced tax liability through careful planning and legitimate tax strategies!

Tax Planning vs Tax Preparation

Tax planning is a year-round process (as opposed to a seasonal event) and is a separate service from tax preparation. Both individuals and business owners can take advantage of tax planning services, which are typically performed by a professional with in-depth experience and knowledge of tax law.

Tax planning is something that most taxpayers do not take advantage of – but should – because it can help minimize their tax liability on next year’s tax return by planning ahead. While it may mean spending more time with us, your accountant, say quarterly or even monthly, the tax benefit is usually worth it. By reviewing past returns an accountant will have a more clear picture of what can be done this year to save money on next year’s tax return.

What about the IRS Tax Code?

Here's how easy the process is...

Step 1.

Choose your plan below & Create an Account

Step 2.

Review & Sign the Engagement Letter

Step 3.

Pay the Invoice

Step 4.

Fill out the Organizer

(The organizer is super simple and easy to fill out. You can even do it on your phone. It will also ask for you to upload your most recent filed tax return.)

That's It!

You are done - now we get to work creating your custom tax planning outline

Two Weeks Later...

We'll schedule a two hour meeting to go over Your Tax Planning Outline

Each of our reports our custom made to your situation & financial goals.

Tax Planning Investment

At this point, you’re probably wondering how much the process costs?

The answer is, you ultimately pay nothing because the savings will pay for the plan.

Our Guarantee: Being a business owner you’re used to paying an accountant for bookkeeping, tax-prep, and payroll. There’s no mystery to any of that, and you’re comfortable with those fees. But you’ve never paid for this sort of planning before, and it’s ok if it feels a bit risky. So we want to reverse that risk and put it back on us. That’s why we guarantee you’ll receive at least your investment back in tax savings, or we’ll refund the entire fee. And you’ll still get to keep any of the tax savings from the plan. It’s like getting to flip a coin where heads you win and tails you don’t lose.

We really have designed this process to make it as simple as possible. And we’ve eliminated any risk on your part. If we’re right, and we can save you what we say, you get to keep a lot more of your money! If we’re wrong, and we can’t, you get your money back, along with whatever we can save you.

The Investment is fully tax-deductible, so Uncle Sam (and your state government, assuming there’s a state income tax) will pick up nearly half of the cost. It’s a one-time fee, payable up front before we start work on your plan.

  • Showcase Tax Planning Outline
  • $2,500 plus of
    Guaranteed Savings
    in just the first year!
    •  
    • This plan is best for those with an average
      Federal Income Tax Liability over $20k
    • Many of the Strategies Offer Annual Savings (Not Just One Time)
    • Investment is Tax-Deductible
    • Investment:
      $2,500
    • Schedule a Call Below or...
Most Popular
  • In-Depth Tax Planning Outline
  • $20,000 plus of
    Guaranteed Savings
    in just the first year!
    •  
    • This plan is best for those with an average
      Federal Income Tax Liability over $100k
    • Many of the Strategies Offer Annual Savings (Not Just One Time)
    • Investment is Tax-Deductible
    • Investment:
      $10,000
    • Schedule a Call Below or...
  • Extensive Tax Planning Outline
  • $50,000 plus of
    Guaranteed Savings
    in just the first year!
    •  
    • This plan is best for those with an average
      Federal Income Tax Liability over $250k
    • Many of the Strategies Offer Annual Savings (Not Just One Time)
    • Investment is Tax-Deductible
    • Investment:
      $25,000
    • Schedule a Call Below or...

Not Ready to Start Today?

Why Tax Planning is so Important!

As a business owner, you have just two ways to put money in your pocket, in good times or bad. There’s financial offense, which is making more. And there’s financial defense, which is spending less.

Right now, the economy has seized up like never before in our history. Coronavirus put most businesses into at least some degree of medically-induced coma. We’re still going to be facing financial headwind from the virus for years. That’s going to make financial offense harder than ever before.

That leaves financial defense. If you’re like a lot of successful business owners, taxes are your biggest single expense. It only makes sense to start your financial defense where you see the biggest opportunity. Sure, you can save 15% or more on car insurance by switching to GEICO. But how much is that really going to save you in the long run?

What about the Tax Code?

or Schedule a Tax Planning Discovery Call

Our process begins with a tax savings discovery call/zoom meeting. To know how we can best save your hard earned money we’ll review your current tax situation. We will then let you know if we have discovered any potential tax savings. Our costs will only ever be a fraction of the potential tax savings you will receive.

What about the Tax Code?

Now I want to walk through how the tax system works, in order to build a foundation for understanding how tax planning works.

Most people would look at the tax code and see thousands of pages of gobbledygook. But there really is a certain logic to it that jumps out if you look hard enough.

I want you to see the tax code as a series of red lights and green lights. The red lights are where you have to stop and pay tax; the green lights are where you go without paying.

Red Lights

So, Internal Revenue Code Section 1 says, “there is hereby imposed . . . a tax determined in accordance with the following table,” and sets out the familiar rates we all know and love. That’s a red light: stop and pay tax. Section 1401 outlines the self-employment tax rules and rates. That’s another red light: stop and pay the tax. Section 1411 outlines the new net investment income tax rules that came in with the Affordable Care Act. Another red light: stop and pay tax.

Green Lights

But very quickly, the code runs out of red lights, and starts including green lights. These are places where you can go, without paying tax. These are just a few examples. Section 105 makes employer health benefits deductible to employers and tax-free to employees. Section 170 makes charitable gifts deductible, at least for those who itemize. And Section 7702 is what makes cash-value life insurance such a great retirement planning tool.

Here’s the Bottom Line

Most tax professionals are so busy “doing taxes,” they focus on the red lights. And that’s important, because blowing through the red lights is what gets you in trouble! But they don’t take the time, and in many cases don’t have the specialized training, to look for the green lights that can help you pay so much less. Looking for the green lights – and implementing strategies to take advantage of those green lights – is what separates planning from projection.

Finally, consider this. Sometimes you have to stop at a red light. But then you can turn right. So proactive tax planning also involves finding opportunities to turn right where other tax professionals simply stop.

So, planning is all about the search for green lights that let you go without paying tax. Those green lights we’re going to talk about fall into one or more of four buckets:

Timing–based strategies, like using 401(k) deferrals to shift the tax on the deferred income until you take it out of the account.

Shifting-based strategies, like hiring your children to work for your business and shift that income to their lower bracket.

Code-based strategies, like a medical expense reimbursement plan that may let you deduct your family’s medical bills as a business expense, and

Product-based strategies like separate-managed accounts and insurance and annuities.

Now that we know what our goal is – to find and cash in on the tax code’s green lights – let’s take a look at how the process works.

It’s really a lot like going to the doctor. If you’re sick, and you visit the doctor, typically three things happen:

      1. First, the doctor examines you and diagnoses the problem. Does your stomach hurt? Maybe it’s food poisoning. Maybe it’s something more serious like pancreatitis. Maybe it’s really bad and it’s cancer. Regardless, the doctors has to figure out what the problem is before they can solve it.
      2. Next, the doctor prescribes the solution. What’s it going to take to fix the problem?
      3. Finally, someone has to fill that prescription. That might involve a trip to the pharmacy for medication. It might mean surgery. It might mean physical therapy. But if the problem is serious, it’s not just going to fix itself.

The tax planning we do for you follows that same model.

      1. The “diagnosis” takes the form of looking over your business and personal tax returns, along with any supporting documents like investment portfolio statements. We’re going to ask you a series of questions about your goals and resources. Then we diagnose any mistakes and missed opportunities that might be costing you taxes that you shouldn’t have paid.
      2. The prescription takes the form of a Tax Planning Outline that introduces you to the green lights you’re missing.
      3. Finally, the Tax Implementation Process “fills the prescription.” This includes the implementation guides, checklists, forms, and templates, and referrals to specialists that you need to put the strategies to work, document them properly, and audit-proof your returns.

Want to get Started?

Remember, we offer a 100% Guarantee: We guarantee you’ll receive at least your investment back in tax savings, or we’ll refund the entire fee. And you’ll still get to keep any of the tax savings from the plan. It’s like getting to flip a coin where heads you win and tails you don’t lose.

We really have designed this process to make it as simple as possible. And we’ve eliminated any risk on your part. If we’re right, and we can save you what we say, you get to keep a lot more of your money! If we’re wrong, and we can’t, you get your money back, along with whatever we can save you.

The Investment is fully tax-deductible, so Uncle Sam (and your state government, assuming there’s a state income tax) will pick up nearly half of the cost. It’s a one-time fee, payable up front before we start work on your plan.

  • Showcase Tax Planning Outline
  • $2,500 plus of
    Guaranteed Savings
    in just the first year!
    •  
    • This plan is best for those with an average
      Federal Income Tax Liability over $20k
    • Many of the Strategies Offer Annual Savings (Not Just One Time)
    • Investment is Tax-Deductible
    • Investment:
      $2,500
    • Schedule a Call Below or...
Most Popular
  • In-Depth Tax Planning Outline
  • $20,000 plus of
    Guaranteed Savings
    in just the first year!
    •  
    • This plan is best for those with an average
      Federal Income Tax Liability over $100k
    • Many of the Strategies Offer Annual Savings (Not Just One Time)
    • Investment is Tax-Deductible
    • Investment:
      $10,000
    • Schedule a Call Below or...
  • Extensive Tax Planning Outline
  • $50,000 plus of
    Guaranteed Savings
    in just the first year!
    •  
    • This plan is best for those with an average
      Federal Income Tax Liability over $250k
    • Many of the Strategies Offer Annual Savings (Not Just One Time)
    • Investment is Tax-Deductible
    • Investment:
      $25,000
    • Schedule a Call Below or...

Add our tax prep services and get your taxes filed too

All our tax plans cover unlimited tax filings, investments, rental income, itemized deductions, and quarterly estimates.

Sole Prop Filing

For filing personal returns and Schedule C.

Business Filing

For filing partnership, S-Corp and C-Corp returns.

Sole Prop Filing

For Schedule C, personal, and business returns.

Frequently Asked Questions

No, we offer a free initial discovery call to go over your tax situation. 

When you engage us to do a Tax Planning Outline, there will be fees involved.

No, Plentybooks does not hold custody over client assets.