Tax Planning – Tax planning for businesses can be tremendously complicated given the numerous types of business classifications and the various tax laws that apply to each. This is definitely not an area where one-size-fits-all, nor is it an aspect of your business that you should take lightly. Your entity type, business goals and even your personal goals should all play a part in your strategies for business tax planning. At FlemmerAssociates, we’re well educated in the various options available to businesses and can help identify and clarify the best solution for your particular situation.
Tax Preparation – FlemmerAssociates is well versed in current corporate and partnership tax regulations and will identify those deductions and credits for which your company is eligible. Whether your books are software based or they are in the stereotypical shoebox, we can help you limit your tax liability and, if needed, bring your books up-to-date.
Representation Before the IRS – As with personal tax returns, one of FlemmerAssociates’s goals when preparing your returns is to help you avoid audits by presenting your tax information clearly and accurately. Still, from time to time the IRS will select a return for audit because they have a question or because it is just a random sample. In that case, FlemmerAssociates will represent you during the audit. It has been shown that it is far better for a tax professional to appear before the IRS than for a representative of the company to appear. The professional can quickly identify what the IRS is looking for and provide the required information. It is less taxing (forgive the pun) for you as a business owner and will very likely improve the results of the audit meaning less additional tax.
Retirement Planning – Retirement planning for business owners can be involved since your business and personal life generally overlap significantly and any planning impacts both areas. FlemmerAssociates can assist with identifying all of the areas in business as well as personally which need to be considered during planning for a comfortable and happy retirement.
Business Succession Planning – Succession planning is a critical item that often is overlooked by business owners and it should be planned for and considered from before you even open your doors for business. Succession planning might be necessary if the owner dies, retires, becomes ill and is unable to work, the partners no longer want to work together as well as many other possible scenarios. The best situation is to have thought through a succession plan long before it is necessary so it can easily be implemented quickly when needed. If no succession plan is in place when it becomes needed, the business can rapidly fail while individuals fight over how to move forward. FlemmerAssociates can work with you to consider the necessary guidelines and to help you put a well thought-out succession plan in place before it is needed.