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
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
- 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.