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Tax Planning

Tax Planning

What is the purpose of Tax Planning?

The primary goal of tax planning is to strategically arrange the affairs of a business or other asset owner in such as way as to reduce or eliminate a tax liability. Tax liabilities are debts owed to a government of a country, state, federal, local or other legal jurisdiction.

The three primary tax planning strategies used to mitigate, reduce or eliminate tax liabilities include:

  1. Reduce taxable income
  2. Increase allowable tax deduction
  3. Increase or take advantage of future and/or current existing tax exemptions, and credits

Types of Taxes

Many different types of taxes are levied by governments onto individuals, corporations, and different types of assets. As a result, complex legal statutes, accounting provisions and accounting guidelines define the size, scope, limitations and all other details regarding taxation. Some examples include tax brackets, cross-jurisdictional issues, calculation methodologies, payment schedules, interest costs, penalties for non-compliance, and many others.

Additionally, various types of taxation and potential tax liabilities exist, which include inheritance, gift, income, franchise, capital gains, and others, with each type varying widely by jurisdiction.

What is a tax exemption?

A tax exemption simply means that an individual or group does not have to pay a tax that applies to other individuals or groups. Exemptions from part or all of a given tax in a governing jurisdiction may be available for certain types of corporate structures, such as non-profit organizations. A tax planning attorney in conjunction with a Certified Public Accountant is often the best resource to maximize tax exemptions. (Great news – two for one deal! Gregory S. Smith is both a tax planning attorney and a Certified Public Accountant*!)

Nevada Tax Planning

Nevada is a great state to start or grow a business with an excellent business tax-climate. Here’s a little Nevada tax planning information that can help your business to thrive in Nevada.

  • No unitary, franchise, or inventory tax
  • No inheritance, estate and/or gift tax
  • No nexus tax

Multi-State and International Tax Planning must be considered when corporate, Trust, or estate tax liabilities arise under multi- or cross-jurisdictional circumstances.

How do my taxes effect my business?

The type of structure of you business will greatly effect the personal taxes you will owe each year. The Business Structuring, and Federal and State Exemptions sections of this website provide additional detail regarding some of the advantages and disadvantages that are relevant to different types of Corporation Formation, and some of the tax implications governing different business entity types.

Tax Planning Attorney

Gregory S. Smith is an experienced Certified Public Accountant* and attorney so that both the legal and tax accounting issues are handled in the most advantageous way given the specific goals and circumstances of the owner(s).Contact Smith & Shapiro at (702) 318-5033 or submit our online contact form above. Smith & Shapiro is open Monday – Friday, 8:00am – 5:00pm at both our Las Vegas and Henderson locations.

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