Tax Planning

Most struggling business owners think about their taxes once a year, sometime between January 1st and March 15th. However, most successful business owners tackle their taxes as part of their ongoing business strategy and development process. I help business owners increase their professional success and personal wealth by showing them the benefits of proactive tax planning and developing personalized tax plans for my clients.

Why Tax Planning?

Taxes are generally the largest expense that most people have each year. We focus on creating tax savings by using the rules and regulations provided by the IRS. Doing so allows you to maximize the income you are already generating and get your money to work for you, rather than against you.

What is tax planning?

First, tax planning is not tax preparation. Tax preparation is the process so many of us are familiar with, at the beginning of the year you meet with an accountant or other professional who gathers your financial documents and completes a tax return for you.

Tax planning, on the other hand is much more focused on making strategic decisions so that you can make the most of your tax obligations. We will analyze several different factors including:

  • the kinds of business entities you have formed
  • where you are currently paying taxes
  • The tax deductions you are currently taking
  • The missed opportunities causing you to pay more taxes than are necessary.

What is the tax planning process?

We start with a conversation about your goals, priorities, and your current tax situation. I’ll review your previous tax returns so that I can see how you have previously been paying your taxes. I will take an in-depth look at your current tax situation and map out your personalized strategic tax plan.

We will meet to discuss my general findings and if you choose to move forward, I will prepare a detailed tax plan focused exclusively on your goals and needs.

How does tax planning improve my tax situation?

Rather than simply calculating the taxes you owe, tax planning allows you to be strategic and proactive in your approach to taxes. We will talk about your personal and financial goals, examine your previous tax returns and look for opportunities for savings. We may be able to amend previous returns to get you money back if you overpaid on your previous taxes.  We will provide you strategies and structures to lower your taxes going forward.

What is the tax planning process?

The first step in tax planning is having a conversation. In order to make our work together as successful as possible, I need to know where you are (personally and professionally) and were you want to go. Once that is established, we may talk about forming different business entities, changing the way your business is taxed and maximizing deductions you might be missing.   

Ongoing Tax Support

Changing the way your pay taxes often means taking a proactive, rather than reactive approach to your personal and professional tax liabilities. For most of our clients, that process starts with developing a strategic tax plan and then creating a strategy for ongoing implementation and customization of that tax plan.

To take the guess work out of making the transition from being a reactive tax payer (thinking about and dealing with taxes once a year) to becoming a strategic business owner, at Yudichak CPA PC we’ve developed a system to provide you with ongoing tax support in addition to our tax planning services.

We provide ongoing support for your personal tax goals at three different levels (or however many you’d like). By choosing to evaluate your tax situation on a monthly or quarterly basis, you will know what to expect with your tax obligations and deadlines.

After you’ve invested in a strategic tax plan, we’ll provide you with a few tax support packages to provide the ongoing tax support that we feel meets your needs the best, but you are welcome to explore all of our options and select the one that is right for you. 

Ultimately, the entire point of any of the ongoing support packages is to provide you with the services and support you need to own a business that thrives.

Contact me today to learn how you could be saving thousands on your taxes each year. 

Testimonials

  • We started our residential real estate business and brought Damon on as our principal adviser for all matters relating to taxes & accounting. We have doubled our business each year and Damon is a critical partner that has allowed us to successfully focus on our business.

    – Dan and Rachel Kendall
    Owners, The Rachel Kendall Team, LLC - Raleigh, NC
  • Damon Yudichak is a diligent and consistent professional. I’ve worked with Damon since 2009 and I’ve felt like a valued customer since the beginning of our relationship. His firm is consistent, courteous, and knowledgeable. He and his firm are a vital link to my business.

    – Al Sullivan, President
    Inspirus Consulting, Inc. – Cary, NC
  • Owning a small business… to me, it’s worth millions! Bringing Damon on for accounting and tax purposes… just a reasonable monthly fee! Keeping our business legal and my business partner sane… PRICELESS!

    – Tonya Baskerville, Owner
    Art on the Fridge, LLC – Raleigh, NC

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