TAX PLANNING – GET AHEAD OF THE ‘TAX MAN’
Many individuals and businesses do not think about their tax situation until right at the end of the year, or when the tax year is already closed. Just because income tax has its ‘season’, that does not mean that a taxpayer should wait until the filing of their tax return to find out the results.
MDA Professional Group, P.C., takes a proactive approach to income taxes and helping its clients avoid potential large tax hits by planning for those income taxes months ahead of time. We stay on top of the ever-changing tax laws to help ensure that we are taking advantage of anything we can use to help manage your tax bill and grow your net worth. Even if there is nothing that can be done, we can help plan for cash flow management so you will have a bead on what will be due and make plans accordingly.
Some of the areas we look at are:
Bonus and Section 179 Depreciation
Cost Segregation Studies
Projections of business income and flow through entities
Research and Development tax credits
Calculations of quarterly estimates for businesses and individuals to match their activity