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What is Tax Planning?

Tax Planning

At Howard Tax Prep LLC,  for our Chicago South Loop tax preparation business clients, we create personalized plans that can save anywhere between $5,000-$20,000 over a 5-7-year period.  


Howard Tax Prep LLC understands that tax planning is the proactive approach to the reduction of tax liability through the usage of tax law, tax strategies, and large purchase planning. Tax planning is also an ongoing process, as life situations change, tax laws change, and tax credits often come and go. If you're looking to save thousands on your tax bill, tax planning is what you need, rather than taking the reactive approach which means scrambling to find "write off's" and deductions at tax time.  

  

To reduce your taxes, you need a plan. You need tax law and implementation methods that leave you with more revenue, without flagging your account for an IRS AUDIT, or going into “gray areas.” 


No matter how good  your tax professional is, April 15th is not the time the start tax planning. If you haven’t planned right, by April 15 it’s just too late. Many tax planning strategies are long term solutions that require implementation on a year round monthly basis.


Have you organized your business correctly? Is the benefit plan that you have chosen the right plan for you? Is it right for your contractors or employees? Are you using the best mixture of tax deferred and tax free retirement accounts?  Are you utilizing ALL of the legitimate deductions, credits, loopholes, and strategies the tax code offers? 


If you become disabled, do you have a plan to receive TAX FREE income, or will you have you to pay taxes on an already reduced income?