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Avraham "AY"  Rappaport, CLTC

President, Financial Professional

 

Yaniv "Jay" Natanov

President, Financial Planner

 

Eli Rappaport

Vice President, Financial Planner

 

Shlomo Rosenstein

Financial Professional

 

Ozzie Marizan

Financial Planner

 

Joseph Greer

Employee Benefits Administrator

 

Dylan Pinsky

Client Relations Manager

 

Premier Financial

6395 Dobbin Road, Suite 102

Columbia, MD 21045

 

Phone:  240-309-6001

 

Email: dylan.pinsky@prudential.com

Website: premierfinancial1.com

July/August 2023

Tax Planning Takes a Village

Business team meeting present, investor colleagues consultation and conference new strategy plan business and market growth on financial document graph report, Meeting and Talking.

A successful business requires planning, so when it comes to determining your business’s income taxes, tax planning can help make the most of deductions and potentially lower your tax bill. By assembling a team of tax, legal and financial professionals, you may be able to create tax strategies that can reduce what you owe.


Tax Planning Goals
The goal of tax planning is to find effective strategies that minimize risk and save your business money. It is important to the process to know how much you earn, the amount you typically owe in taxes and which of your business’s expenses are deductible. From there, you can define specific goals, such as preserving working capital, expanding your business’s capacity, etc.


Meet with Your Accountant
Meeting with the accountant who prepares and files tax paperwork for your business is a good place to begin developing a plan. Discuss whether your CPA has the resources and expertise to create a plan that can position your business to take advantage of all tax code benefits available to you. If your CPA is unable to do this, he or she may be able to recommend other professionals who can help you design a plan. An accountant who specializes in tax planning can work with you to protect assets and build wealth outside of your company.


Where Does Your Business Stand?
Organizing your records and ensuring they are up to date is an essential precursor to tax planning. Be certain you know your business’s current net profit and confirm that your administrative staff can provide your tax accountant with financial information, such as cash flow and reserves.


Include Your Financial Professional
Integrating your personal financial goals with your goals for your business can ensure that your tax planning strategy does double duty. Your financial professional will add another layer of knowledge to the process, since your financial plan already may include tax strategies that will complement your business tax planning.


Worth the Cost
The money you spend on tax planning should deliver savings that far outweigh the expense and offer a good return on your investment. A bonus: the cost is deductible as a business expense.

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Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
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