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Tax Planning

Gavrilov & Co Brings You Professional Tax Planning

Whatever your New York City profession, occupation or tax status happens to be, you will find friendly, knowledgeable tax preparation services at Gavrilov & Company. We are enhancing the busy lives of New Yorkers, one tax preparation at a time. Whatever your profession, occupation or tax situation, you will find solutions at Gavrilov & Company:

Most Americans confuse tax preparation with tax planning. “Yes,” you might say, “We plan to get our papers together, take them to accountant, and pay our taxes.” Tax Planning, in a financial sense means a lot more.

At Gavrilov & Co Accounting and Tax Services, we will give you the accountant’s professional view of tax planning. Navigating your taxes is not an activity for once a year. It’s a month to month, year to year “see-the-big-picture” plan of attack. Tax Planning helps you avoid squandering your dollars by excessive overpayment of your taxes.

Tax Planning:  You Need So Much More than Tax Preparation

When you engage tax planning strategies, you plan out your taxes for years-to-come. And you will find tax planning allows you keep more of the money you work so hard to make.  This is true both in regard to your personal life and your life as a business owner.

Group of a young business people discussing business plan at modern startup office building

Don’t Face Tax Planning Alone

The term “tax planning” refers to an actual financial exercise.  We have a conversation, not only about this year’s tax, but also about navigating next year’s tax and the year beyond that.

  • Tax planning means finding legal ways to minimize your tax liability.
  • To do this we find the best usage of your allowances, deductions, exclusions and exemptions.
  • Inevitably, you’ll see we can reduce your taxable income, and thereby reduce your taxes owed.
  • Likewise, your capital gains can also be reduced through many customized strategies of advanced tax planning.

Who Needs Tax Planning?

Do you know that financial experts recommend all business owners need help with tax planning?  There is so much to learn about tax strategies that accountants spend years learning it.  Many of our citizens lack the fiscal education required to do true tax planning for the years ahead.  And now with the newly reformed tax code, the difficulty is enhanced.

In the 21st century, not only business owners but individuals also need help with tax planning.

  • Are you investing in retirement?
  • Do you regularly contribute to charity?
  • Are you sure you have identified and properly used your complicated deductions?
  • If you answered “yes” to the first 2 questions and/or “no,” to the third one, then you need Gavrilov & Co.’s help in tax planning–not only for today, but especially for tomorrow.

 

What Tax Planning Does For You

Only with a competent, meticulous accountant in your corner can you be certain you are getting all the tax breaks to which you are entitled. We’re here to see that you do.

  • We will help you reduce your future tax burden.
  • Likewise, Gavrilov and Co can show you strategies for saving for retirement.
  • For business owners, we offer strategies for making your large equipment purchases.
  • We look at year-round strategies for improving the way you run your business so you save on taxes.
  • With careful and precision accounting, Tax Planning with Gavrilov & Co will accelerate your way across the choppy seas of the tax code to the shores of success.

Tax Planning 101:  Gavrilov Focuses You on the Basics, Then Progresses You to Highly Individualized Tax Planning Strategies

Preparing your taxes in a rush each year as a financial exercise is a little like sailing a boat in uncertain seas without charts.  You might end up at your destination, but you’ll waste a lot of time and energy getting there.

With Gavrilov & Co tax planning you’ll know where you’re going year after year.

What’s more, solid tax planning is like your treasure map to a lower tax liability.

 

Tax Planning Shows You the Money

We can show you how just a little bit of planning now will help you save big money, time and stress later. Let’s review a few basic principles for the benefit of both individuals and small business owners. 

  • The Preliminary Step to Tax Planning: Estimating Your Total Income

You need to know how much money you have made for the year, and what you expect you will make next year.

Naturally, you will have your W-2. But is your job your only source of income?  If it isn’t, then you need to add up other types of income and find the matching 1099.

For example, if you earned anything as an independent contractor, you will need a 1099-MISC. Likewise, you will need a 0199-INT for income from interest.  And you will want a 1099-R for your retirement plan as well as a 1099-SA from an HAS or other medial plan.  Those are only the tip of the iceberg, because there are many 1099 forms to add up your income.  And, yes they are also part of your tax preparation, but it is from here that we can begin to develop customized tax strategies so you pay less tax. 

  • Attention Business Owners:

If part of your income comes from self-employment, you will be filing a Schedule C.

You are probably already aware that you will be reporting not only the money you earn, but the expenses you make.  Yes, you probably know also that you will be doing the normal things for any business:

  • You’ll keep a list of payroll deductions,
  • You will pay quarterly taxes.
  • You will figure out your depreciation.

These are still items that overlap between tax planning and basic tax preparation.  So tax planning will take it to the next level.

 

From Preparation to Planning or Are You Sure You Owe THAT Much Tax?

Our most basic tax planning strategy will be two-fold: On the one hand, you want to defer revenue. On the other hand, you want to accelerate expenses. This strategy will be the most helpful for businesses with a high volume of revenue and expense transactions.

However, Gavrilov & Co can put it to work for individuals too. Look below to find out how…

You will see some tax planning strategies for deferring your revenue and your income.  Meanwhile we’re going to advise you to increase some of your expenses—but not just any expenses. Check these out:

  • You could contribute to your retirement plans like your 401k or a classic IRA.
  • If you are a very well compensated employee, we might recommend that you join a deferred compensation plan.
  • Next we might suggest you accelerate your expenses but as we stated above, not in just any area of your budget.
  • Subsequently we might advise you spend a little more on medical plan.
  • If you have children, saving for their college education with a 529 plan would also meet with our approval as part of your long range tax planning.
  • Likewise, we could also counsel you to give a little more to your charity.

 

In case you miss our subtle tax planning, please notice these spending endeavors will gain you some nice deductions, year after year. 

 

The Retirement Tax Strategy is not Just for Individuals

Did you know you could create a 401(k) in your business for yourself or your employees? We can show you some dynamic tax planning with SEPs or simple IRAs.

  • The beauty of this bit of tax planning is that your business could then claim a tax credit which would defray the cost of managing the 401k.
  • Plus, your biz can match the employee contributions and claim them as business expenses.
  • Here’s the strategy in hard numbers: For a 401(k) you can put in 18,500 as a participant. Likewise, you can contribute 55,000 for combined employee/employer memberships with the caveat that they that are below the age of 50.

 

Another Favorite Easy-to-Apply Tax Strategy:  Don’t Miss Out on This!  

Another one of our favorite tax planning strategies is to encourage you to invest in tax-free or tax-deferred securities like:

  • Municipal bonds
  • US savings bonds
  • Roth IRA contributions

 

Begin Your Tax Planning Requires You to Retain Your Documents

Piles of paper work stored either digitally or on hard copy will help you create your tax planning scenario from year to year.  Of course, as a small business owner, you already save financial statements for filing your tax return.

However, even more importantly, we want you to realize that everything you save will help us provide insight to create and customize your future tax planning strategies. Likewise, we will look at your old tax returns so you can have a 3, 5, and 10 year plan.

With the Tax Planning Service at Gavrilov & Co, Find the Right Deductions—All of Them

Tax Planning is All about Timing:  We Help You Time Your Financial Transactions So You Lessen Your Tax Burden

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