Surprisingly few businesses take a proactive approach to tax planning. For many, the time for thinking about tax strategies is during the preparation of tax returns. By then, many of the most impactful tools for lowering tax liability and improving cash flow are no longer available.
There is never a bad time to start being proactive about tax planning. During an economic downturn, the strategies available to a proactive business become even more valuable.
The economic shock of the coronavirus pandemic will remain with us for a while. By incorporating tax strategies into a broader plan for weathering the storm, businesses can improve their chances of coming out of the downturn in better financial health.
In this strategy paper, we explore some of the proactive strategies we recommend to clients when recession looms. You can download it here.
Businesses and individuals face many different types of tax. A comprehensive tax plan rarely rests on one piece alone, but instead is built from the synergies of several strategies taken together. At Whittaker & Company we draw upon well over 40 distinct strategic layers to tailor solutions that fit the client’s unique circumstances. The following are, therefore, only the tip of the iceberg.
Our goal is to set every client on a proactive path in all aspects of their business planning. We examine your business from top to bottom and create custom tax and accounting strategies to take it where you want to go. Give Whittaker & Company a call if you need tax and accounting strategies to help your business through the crisis and beyond.
Tax returns, financial statements, IRS communications and similar items are vital to address and process, but they should not be the focal point. Think of these as tasks to get to the real work, which is providing you the information you need and an interchange of ideas to move you forward. The goal is to help you implement your strategies and vision. This is what we do!