Business Owners Tax
Business Tax Planning & Preparation
Year-round planning and preparation that keep your business compliant and reduce your tax liability.
Tax season shouldn’t be stressful. We offer year-round tax planning and preparation that keeps your business compliant and optimized. Our proactive approach helps you take advantage of deductions, credits, and strategies that reduce your tax liability. Whether you’re a sole proprietor or a multi-entity operation, we tailor our services to your structure and goals—so you keep more of what you earn.
Tax services
At John Daniels CPA, LLC, we assist our tax clients through efficient compliance and effective planning to help them realize substantial savings. We use a team approach and focus on timely communication to provide our clients with excellent service. Tax partner and specialist involvement ensures that our clients receive the most experienced technical expertise we have to offer. We offer the following tax services:
Federal, state and international business tax services
Tax return compliance
Preparation of federal, state, and international tax returns is the core of our tax services. High levels of technical and industry-specific expertise allow our tax professionals to ensure our clients’ tax returns are prepared efficiently and on time.
Transactional structuring
We help businesses structure economic transactions in ways that minimize the tax impact by advising them on acquisitions, sales, and mergers.
Accounting method reviews
We review businesses’ tax accounting methodologies for proper accounting and accounting method strategies to maximize income tax benefits.
Transfer pricing studies
Our transfer pricing specialists can provide your business with consultations and studies to assist you with determining appropriate “arm’s-length” pricing among related companies.
Research credit calculations
We can help your business determine if it is eligible to claim certain federal and state research credits, assist with the documentation requirements, and quantify the tax credit amount.
Real estate cost segregation studies
At John Daniels CPA, LLC, we have proven cost segregation strategies that can be used to accelerate real estate tax depreciation deductions for businesses. This results in a deferral of taxes, which in turn increases cash flow.
Cost segregation works by separating property costs from the building, land acquisition, or construction costs. This benefits your business because the property has a shorter useful life for depreciation purposes when it stands on its own than when it is combined with the longer-lived building or land.
There are certain limitations surrounding cost segregation. It can only be performed on buildings constructed, acquired, enhanced, or expanded in 1986 or later. Additionally, certain industries tend to have buildings with the most potential for tax deferral and improved cash flows. These industries include but are not necessarily limited to the following:
- Auto dealerships
- Hospitals and medical facilities
- Industrial facilities
- Manufacturing facilities
- Office buildings
- Retail stores and shopping centers
- Apartment or condominium complexes
- Supermarkets and restaurants
Audit & appeal representation
We possess the expertise and experience to represent taxpayers before tax authorities. Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.
International tax assistance
Business is becoming increasingly international. More companies than ever deal with foreign tax issues at some level, which will only increase with continued globalization. At John Daniels CPA, LLC, we can help you with a variety of international tax planning issues, including the following:
- Choosing the most advantageous type of entity and corporate structure
- Subpart F income determinations
- Foreign tax credit utilization
- Using IC-DISC for tax reduction
- Transfer pricing
- Foreign earnings repatriation
- Foreign withholding and reporting obligations
- Treaty interpretation
State and local tax services
Nexus consulting and state tax liability analysis
We can help you understand and navigate where your business is required to file and pay state and local taxes based on multistate activities. Additionally, we will make recommendations on where to file and quantify potential tax liabilities associated with various state and local jurisdictions.
Sales and use tax determination
We can help you understand the sales and use tax consequences of specific transactions and ensure you meet any filing requirements.
Tax planning services
Federal income tax planning
We aid businesses with all aspects of federal income tax planning. This includes implementing federal income tax strategies that maximize savings, increase profits, and manage cash flows.
State and local tax planning
Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:
- Income tax
- Franchise tax
- Sales and use tax
- Property tax
- Other miscellaneous taxes
Business succession tax planning
You spent your life building your business, and now you want to pass it on to the next generation or sell the value you built. We advise businesses on the proper succession planning to preserve their family and business legacy while also looking out for potential tax consequences that may result.
Other tax services
Accounting for income taxes
Financial accounting for income taxes can be complex. Our professionals have the technical skills and experience to help our clients navigate these complex requirements and create efficient income tax accounting and reporting. We also help companies stay up-to-date with regulatory guidance and disclosure requirements. The services we offer allow our clients to minimize year-end surprises and reduce risk related to reporting. These services include:
- Calculation of tax provisions
- Account for uncertain tax positions
- Analyze current and deferred taxes
- Prepare financial statement footnote disclosures
Tax updates
We keep our clients up-to-date on the latest federal, state, and international tax issues through webinars, newsletters, website postings, and face-to-face meetings. By staying ahead of tax issues, we can promptly communicate how they will impact your operations and address them.
Individual tax services
When it comes to individual taxes, change provides opportunity. We keep on top of these changes to provide you with the best advice and strategies, especially through planning opportunities. You can depend on us for objective guidance and personal attention. We believe in focusing on your long-term financial goals and steering your current needs in a direction to meet them.
Estate and trust tax services
If you have not considered what will happen to your hard-earned assets as you age and eventually pass on, you should. Without an estate plan, the wealth you worked your entire life to build will be distributed according to state law and not according to your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.
We will work with you to design an estate plan customized to your particular needs by utilizing various planning vehicles such as family limited partnerships, trusts, and charitable entities. Our team can assist you by performing the following:
- Review wills and trust instruments.
- Estimate estate taxes and strategize alternatives that may provide tax savings.
- Review business issues, including valuation and the transfer and/or disposition of business interests.
- Identify potential liquidity problems caused by federal and state estate taxes for the family business’s continued operation, probate, administration costs, etc.
- Develop a lifetime gifting program using vehicles such as family limited partnerships, charitable trusts, and qualified personal residence trusts.
- Prepare estate, gift, fiduciary, and non-profit tax returns.
- Advise you on the possible use of various trust structures, including charitable remainder trusts, grantor annuity trusts, personal residence trusts, family partnerships, credit shelter trusts, marital deduction trusts, and revocable lifetime trusts.
Corporate and business tax preparation
Not only do we offer corporate tax return preparation services, but we also work with our clients to develop a tax strategy.
Corporate tax preparation
Corporate tax preparation occurs once a year during tax season (unless the corporate return is extended). The primary purpose of corporate tax preparation services is to completely, accurately, and timely file all required forms to comply with state and federal laws. Corporate tax preparation services help businesses fulfill their tax compliance needs. We help clients file all the necessary forms, make payments, etc., as laws and regulations require.
Corporate tax planning
Unlike preparation services, corporate tax planning is where we create value for our clients and help them minimize their tax liability. Corporate tax planning considers past tax filings, current financials, and future goals. Corporate tax planning is a long-term process and requires ongoing communication between the business and our firm.
Corporate tax planning can be valuable whether you are starting a new or growing business or already established. We work with our clients to position them to take advantage of all tax optimization opportunities legally allowed. A few of the tax planning strategies we can help you with to save time and money include:
- Picking the correct entity structure
- Accounting method changes
- Section 179 benefits
- R&D tax credits
- Optimizing sales tax compliance between jurisdictions
- Determining the impact of taxes on transactions, mergers, and acquisitions
Tax laws are constantly changing. Non-compliance or improper planning can put your business at risk. Our firm keeps up with the latest tax laws and regulations so we can help you stay on top of your corporate tax preparation needs and tax planning opportunities.
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Your Next Step
Let’s plan your next chapter.
Schedule a consultation to discuss your goals, tax needs or business plans.