Tax Planning & Preparing

Hiring a tax planner ensures that you minimize your tax liability by utilizing strategic deductions, credits, and tax-saving opportunities tailored to your specific financial situation. Utilizing B&T Erie's expertise will help you stay compliant, while maximizing savings and avoiding costly mistakes.

 Tax Strategy Development:

• Creating a tailored tax strategy that aligns with your business goals and structure.
• Identifying opportunities for tax savings and deferrals.

Entity Structure Analysis:

• Advising on the most tax-efficient business structure (e.g., LLC, S-Corp, C-Corp, partnership).
• Assessing the tax implications of business formation and restructuring.

Income Tax Planning:

• Developing strategies to reduce corporate income taxes through deductions and credits.
• Forecasting tax liabilities based on revenue and profit projections.

Sales and Use Tax Planning:

• Helping to navigate complex sales tax regulations and ensuring compliance with state and local tax laws.
• Advising on exemptions and proper handling of taxable sales.

Deductions and Credits Optimization:

• Identifying eligible tax deductions (e.g., business expenses, depreciation, home office deductions).
• Maximizing available credits such as R&D, energy, and employment credits.

Payroll Tax Planning:

• Ensuring compliance with federal, state, and local payroll tax laws.
• Structuring compensation plans to minimize payroll taxes, including benefits and bonuses.

Capital Gains and Investment Tax Planning:

• Developing strategies to minimize taxes on capital gains from the sale of business assets or investments.
• Managing tax implications of business sales, mergers, or acquisitions.

Tax-Advantaged Retirement Plans:

• Advising on setting up retirement plans (e.g., 401(k), SEP IRA) that provide tax benefits for business owners and employees.
• Maximizing contributions while reducing taxable income.

Tax Deferral and Timing Strategies:

• Implementing strategies to defer tax liabilities to future years, such as accelerating or delaying income and expenses.
• Managing the timing of income and expenses to optimize annual tax outcomes.

State and Local Tax (SALT) Planning:

• Helping businesses navigate the complexities of state and local tax requirements.
• Advising on multi-state tax issues and minimizing tax exposure in different jurisdictions.

Tax Compliance and Filing Assistance:

• Ensuring accurate and timely filing of federal, state, and local tax returns.
• Managing audits and responding to IRS inquiries.

Tax Planning for Business Succession:

• Developing strategies to minimize taxes during business succession or transfer.
• Advising on estate tax planning and succession planning for family-owned businesses.

Cash Flow and Tax Projection:

• Preparing tax projections to forecast future liabilities and plan for cash flow needs.
• Helping plan for tax payments throughout the year, reducing the risk of surprises.

By engaging in proactive tax planning, your business can ensure compliance, reduce tax liabilities, and strategically position itself for long-term financial success.