Year-Round Business Tax Advisory Services

Maximizing Your Business Tax Strategy: The Value of Year-Round Tax Advisory Services

Tax planning isn’t just about saving money and staying compliant. It should also optimize your business tax strategy for financial growth.

How Year-Round Tax Advisory Services Can Strengthen Your Business Financial Success

Year-round tax advisory services help your company make informed financial decisions by maximizing available tax opportunities. From optimizing operational overhead costs to financial statement analysis reports, working with your tax advisor to develop a year-round tax strategy offers many benefits.

Learn how partnering with a tax advisor throughout the year can improve your company’s wealth management for better results.

Benefits of Year-Round Business Tax Advisory Services

Active tax advisory redefines how your business approaches its financial strategies. With consistent tax guidance throughout the year, it strengthens your company’s financial health through proactive tax planning. You’ll gain ongoing support and valuable insights to stay ahead of the ever-evolving tax landscape.

Here’s why having a year-round tax advisor is a worthy investment for your business.

Proactive Tax Planning Gives You More Tax-Saving Opportunities

Strategically planning your business and employee tax decisions throughout the year can maximize deductions and credits. Whether it’s retirement plans or estate tax management, early preparation for tax filing season can offer more tax savings.

Potential tax-saving opportunities with proactive tax planning include:

  • Financing advice to determine whether leasing or owning a commercial building offers more depreciation to reduce taxable income
  • Changing your 401(k) plan to make the biggest pre-tax contributions possible to lower your overall tax bill
  • Carrying over tax deductions into a future year if you cannot use them for the current year

You’ll also enjoy a stress-free tax season instead of rushing at the last minute and risking filing mistakes. That way, you can keep your hard-earned money where it belongs—in your pocket.

Improved Cash Flow Management Strengthens Your Financial Stability

Tax advisory services help you better regulate cash flow with data-driven financial strategies. Understanding the tax implications of each business decision can enable you to make choices that are financially wise and tax-efficient.

For example, tax advisors will review your business financial statements for the following data:

  • Net income: Looking at revenue and expenses to ensure you generate ongoing revenue for your business after taxes
  • Balance sheet: Analyzing your assets, liabilities and net worth to identify whether assets are growing faster than sales to manage working capital more efficiently
  • Cash flow: Evaluating cash flow finances and investments to confirm that your company generates enough cash to cover expenses

A continuous approach to tax planning can sustain financial stability that supports your bottom line. It’s about helping your dollars make more sense with actionable steps now and in the future.

Tailored Tax Strategies Offer Customized Solutions for Your Business

Each business is unique. You should have customized tax strategies that align with your company’s specific goals. Building relationships with your tax advisors allows them to understand your company more deeply and provide you with personalized solutions.

For example, home office deductions are available now more than ever with the increase in remote work. Active tax advisory evaluates whether you’re eligible to deduct expenses related to your home office if it’s your primary workplace. You may be qualified to write off related expenses such as property taxes, mortgage interest and utilities.

Small businesses and startups especially benefit from tailored tax advisor support. They help you manage the increasing tax complexities as your company grows.

If you hire more staff, advisors can help you claim available tax credits and deductions by implementing certain employee benefits. In addition to offering healthcare coverage and 401(k)s, offering benefits such as tuition reimbursement may offer your business even more tax savings.

Business owners also benefit from customized tax planning strategies by knowing when to defer or accelerate taxable income. Tax advisors may suggest deferring taxable income if you expect to be in a lower tax bracket next year.

In contrast, if tax advisors predict tax rates will increase, they may recommend accelerating your taxable income. That way, you’re taxed at the current rate for additional tax savings.

Active tax advisory optimizes your tax position by creating a customized financial roadmap for you to follow.

Continuous Tax Law Compliance Protects You From IRS Penalties

Staying up-to-date with changing tax laws can be complex. Year-round tax advisory services help you navigate tax standards for penalty avoidance. Tax advisors have in-depth knowledge and stay informed on current tax regulations to make compliance easier.

Tax advisory services help you mitigate IRS penalty risks through:

  • Accurate tax and deduction calculations
  • Internal audits and risk assessments
  • Quality of earnings reports to correct inconsistencies in business financial data
  • Timely tax return filing and management
  • Forensic accounting and litigation support for legal issues from discovery to courtroom testimony

Common IRS penalties include those incurred for underpayments, inaccurate taxable income claims and failure to file returns by their deadlines. The IRS also charges interest on penalties. Penalty interest rates depend on the penalty type and when the total paid balance is received.

With year-round tax advice at your fingertips, you’ll be sure to remain compliant, preventing penalties and interest while achieving your financial goals.

Go Beyond Tax Prep: Get a Tax Partner to Help You Achieve Your Business Financial Goals

At BGM, we do more than tax prep. We partner with our clients. Our tax advisors work with business owners and employees to provide peace of mind and a path to financial optimization.

Our goal is to create a collaborative relationship throughout the year—so you don’t have to worry about being charged an additional billable rate for individual questions. Depending on the company’s size and tax complexity, we’ll meet with you quarterly or semi-annually. We structure 12-month contracts to help you throughout the year.

Transform your tax management from an annual obligation to an integral part of your business strategy. For a personalized review and to discover how BGM’s expanded services can elevate your business, contact us today.

Are you already a client? Discuss year-round tax strategy with your Tax Advisor to learn how to level up your current services!

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“BGM” is the brand name under which BGM CPA, LLC and BGM Group, LLC provide professional services. BGM CPA, LLC and BGM Group, LLC practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. BGM CPA, LLC is a licensed independent CPA firm that provides attest services to its clients, and BGM Group, LLC and its subsidiary entities provide advisory, and business consulting services to their clients. BGM Group, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the BGM brand are independently owned and are not liable for the services provided by any other entity providing services under the BGM brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by BGM CPA, LLC and BGM Group, LLC.

BGM WEALTH: Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.