TAX PLANNING TAMPA + OTHER TAX SERVICES TAMPA
We can help you create a strategy to get the most out of your taxes, season after season! The goal is to create a plan that benefits you and your business for years to come. Our team specializes in Multi-State, Multi-Entity level tax planning that pairs with our business tax preparation services.
Contact us today to speak with a Tampa Accountant at Taxes Tampa to answer all of your individual and business tax questions via our free tax consultation!
Why Entity Structure Matters for Tax Planning in Tampa FL
The Answer: Math
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Single-Member LLC Makes $100k Profit ($24k Tax Bill)
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S-Corporation Makes $100k Profit ($11k Tax Bill)
Doing a tax plan can help determine whether your current entity structure is the most tax advantageous for you. For example, we will evaluate:
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The pros, cons, and tax savings between pass-through entities (S-Corps and Partnerships)
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The pros, cons, and tax savings of switching between a pass-through and a C-Corporation
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Identify which structure helps to reduce, mitigate or defer state and local income taxes
Contact us today for experienced and highly skilled Tampa Accountants who will take a 360-degree look at your entire financial and tax situation, and its details and advise you on the best entity structure for your facts and circumstances. As the top accounting firm in Tampa, we are well-versed in all businesses large and small!
Contact us today to meet with a Tampa Accountant at Taxes Tampa who can answer all of your individual tax questions via a free tax consultation!
What's the difference between an LLC and S-Corp for Tax Planning?
The main differences between the two are:
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A single-member LLC's activity is reported on the owner's individual tax return (Form 1040)
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An S-Corporation activity is reported on a separate tax return (Form 1120S) which produces a K1 that is then flowed into the owners personal return to determine the tax liability
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A single-member LLC is not required to run formal payroll (i.e. W2)
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An S-Corporation is supposed to run a reasonable salary within 3 years of the election (baring a few exceptions like consistent losses)
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Formal payroll is just telling the State of FL that you're an employer now with your LLC, and running your distributions as formal paychecks that have income tax, social security and medicare taxes withheld.
Contact us today to meet with a Tampa Accountant at Taxes Tampa who can answer all of your individual tax questions via a free tax consultation!
Retirement Planning's impact on Tax Planning
Even if you’re self-employed or your employer does not offer a retirement planning benefit, you can still set up a solo retirement plan. These types of plans help you qualify for other tax benefits and tax-advantaged investments.
We offer tax planning for CFO and Accounting Clients in the areas of:
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SEP IRA's (Simplified Employee Pension)
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Traditional 401k's
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Roth IRA's
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SIMPLE IRA's (Savings Incentive Match Plan)
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Solo 401k Plan's
Making sure you know all of your retirement plan options is key to tax planning.
Contact us today to schedule a free tax consultation with a Tampa Tax Accountant at Taxes Tampa to review our tax services and your business tax questions! We are the #1 Accountant dedicated to providing you with the best tax services in Tampa.
Why you should hire a Tampa Accountant for your Retirement & Tax Planning
We specialize in solving complex tax issues around self-employed individuals and executive compensation (stock options and restricted stock), crypto investors, passthrough entities, as well as rental real estate and other passive income streams. We are passionate about the new gig economy and helping self-employed individuals or those with a side gig to make the right decisions regarding entity choice, taxation, and reasonable compensation.
We believe that working with a Tampa Tax Expert helps drive better financial outcomes. And when it comes to tax planning and breaks, one mistake can cost you. We have the expertise that is needed to help you file your returns while also helping you to minimize your tax liability with careful planning.
We use a proactive approach to tax planning for individuals and businesses. We have helped many high-net-worth individuals, business owners, crypto millionaires, and expatriates save tens or even hundreds of thousands of dollars each year in taxes by optimizing their deductions, legal entity structures, retirement planning, and more. Contact us today to meet with a Tampa Accountant at Taxes Tampa who can answer all of your individual tax questions via a free tax consultation!
Startup Services from the #1 Tax Planning Tampa Accountant
Our startup packages include:
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Business Registration and Set Up – IRS EIN
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Business Registration and Set Up – Register for FL State Corporation
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Business Registration and Set Up – FL Sales Tax ID + FL Resale Certificate
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Help setting up QuickBooks Online accounting software
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Help in the long term with entity optimization (i.e. switching from a single member LLC to an S-Corp once it makes sense to (usually happens when you start netting +/- 35k after expenses.)
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Help with any sales tax questions throughout the year
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Help with any payroll tax questions throughout the year
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Help with tax planning/consulting throughout the year
Still have questions? Visit our FAQ's page to review frequently asked tax questions for individuals and businesses! Our Tampa Tax Accountants can't wait to meet you and learn more about your personal and business goals.
