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The Benefits of Strategic Tax Planning

Posted on May 31st, 2019

For many individuals, preparing taxes can be a stressful and confusing time of the year. Filling out tax papers, dropping them off with a preparer, and waiting to see whether they get a refund or have to pay the IRS is the norm for many.

This doesn’t have to be the case, though. With strategic tax planning, you can be properly prepared for tax season knowing what you’ll owe or how much of a refund you can look forward to.

What is Tax Planning?

Tax planning is the art of analyzing your finances and tax situation to develop a strategy that helps you reach tax efficiency, in which you minimize your tax liabilities. This ensures that you have no surprises waiting for you and you only pay the government what you actually owe.

How Tax Planning Works

Tax planning involves the use of deductions, credits, and deferred income to lower your total tax liabilities.

Standard deductions allow a taxpayer to claim up to a certain amount on their return without accounting for the expenses. This amount is then subtracted from your total taxable income. Itemized deductions allow for a higher dollar amount, but each deduction must be substantiated with receipts and records.

Tax credits are another source of lowered tax bills. Credits, such as the Earned Income Tax Credit and Child and Dependent Care Credit deduct from the amount you owe. Refundable credits even create a surplus, increasing your refund amount.

Income deferment is also a big part of strategic tax planning. Utilizing retirement plans such as 401(k)s and IRAs, you can lower your total taxable income, resulting in less money owed to state and federal tax agencies. Tax is not paid on retirement plan funds until those funds are withdrawn, allowing you to take advantage of tax savings today!

Get Ahead of the Curve This Year!

No matter your income, whether business or individual, tax planning can save you money and keep you out of trouble with the IRS. Tax season isn’t just once a year, it’s a year-round process. Maybe your preparation for it should be too.

California Prime Accountancy Corp. offers expert tax planning services for both businesses and individuals in Alhambra and the surrounding communities. Contact our office today for a free 30 minute consultation.

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How to Plan for Your Family’s Future

Posted on January 25th, 2019

Although there tends to be somewhat of a grim atmosphere surrounding it when it comes to implementing a trust and/or developing a will, estate planning is an essential strategy for ensuring the well-being of your loved ones now and in the future. In order to protect your family’s security in the event of your passing, having a well-thought plan on how to distribute your assets is vital. Leaving family members without a plan of action or will to protect valuable assets from unwarranted levies can be stressful and may cause grief or strife between them.

When looking to estate planning for the future of yourself and your loved ones, take into consideration the following:

Create A Will

Though many individuals do not want to ponder the idea of creating a will prematurely and may find the very thought a bid morbid, regardless, it is one of the smartest, proactive measures you can take to help ensure your invaluable personal property doesn’t become just the opposite, giving that property to the right people; your loved ones.  This vital document allows you to specifically point out who will receive any homes, cars, bank account benefits, or other assets under your name. Creating a will begins with seeking help from legal and financial professionals.

Implement a Trust

Trusts help safeguard a reliable and secure place to store investments and finances for the future. You can think of this as a detailed plan that deciphers who receives which assets at what appointment time. Trusts can be developed at any time but are especially important when you reach an older age. Instead of leaving your families member with the often difficult and emotional task of figuring out your benefits, a trust as part of an estate plan can ensure your wishes are followed through, even in the event of an unforeseen medical situation takes place and your financial needs change.

Benefits of Estate Planning

The ability to avoid probate is often notably the primary advantage of your estate planning. This will allow you to alleviate any potential taxation that will limit your family’s rights or inheritances. Aside from limiting fees, reducing estate taxes is another monumental benefit to having a legally binding estate strategy in place.

Besides the many financial advantages of estate planning, there are both emotional benefits relating to the relationship between family members. Having a concise plan of how you wish to distribute your assets can significantly help prevent potential hostility among family members in the event of an unorganized or faulty estate strategy.

Contact {company_name} for Professional Estate Planning Services

No matter you age or where you are at in life, it is never too late to start planning. Ask how our skilled and knowledgeable CPA, Beatriz Phipps, and her capable financial team can help guide you through estate planning.

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Why Hire a Part-Time CFO?

Posted on September 28th, 2018

The job of an entrepreneur is a difficult one, rife with overlapping duties and responsibilities. Unfortunately, these things take time, and time is a business owner’s most precious commodity. A  company’s many needs can create a perpetual fight over how time is spent.

A business’ accounting needs are no different. They can be complex and daunting for many business owners, yet they are vital to the venture’s financial health. Often, a chief financial officer, or CFO, will oversee the accounting operations and look out for the business’ best interests. However, the salary of a full-time CFO can be more costly than many small businesses can justify.

You Need a Part-Time CFO

An outsourced professional acting as your company’s part-time CFO delivers the accounting processes and data-driven insight you need to maximize profits. Their job is to expertly manage your fiscal resources and safeguard the business’ financial standing to secure its long-term success.

The best part is, a part-time CFO performs many of the same functions as their full-time counterparts at a fraction of the cost.

Financial Controls

A part-time CFO is also heavily involved in the financial integrity of a business. By implementing financial controls such as managing who can access company records and accounts, you are better protected from fraud and theft.

An Outside Perspective

An outsourced CFO’s relationship with your company puts them in an excellent position to give objective, unbiased advice. Often, an entrepreneur’s perspective is obfuscated by the personal investment in the business, leaving them unable to see the forest for the trees.

This makes the CFO an invaluable asset to you, as their job is to protect your bottom line and help your business achieve success. Every decision is made with hard numbers and data, mitigating guess-work and wasted resources.

California Prime Accountancy Corp. offers part-time CFO services to businesses in Alhambra and the surrounding communities. Contact our firm today for a complimentary 30 minute consultation!

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