Tax Planning | Tax Services in Los Angeles

Tax Planning: Tax Services in Los Angeles

We monitor the changes in the tax law that could affect you and recommend tax saving strategies. We will prepare all your tax returns and serve as your advocate in all tax matters.

When it comes to tax planning, you can never underestimate the effect income taxes will have on your personal or business finances.

The potential for losing your liquidity to government agencies is high if you don’t have a full understanding of IRS tax codes. If you live and work in California, you no doubt understand that California’s personal and business income tax rates are among the highest in the nation. You need to understand FTB guidelines as well.

We realize how unreasonable it would be for you to find time in your busy schedule to learn tax codes. You have to remember that even a minor mistake in your tax planning or the filing of subsequent tax returns could land you in a difficult position with the applicable government agencies. We are in the business of helping people just like you handle your tax obligations without violating any tax statutes.

At Lavi CPA, we make it our business to understand tax codes and how they apply to your personal or business circumstances. Through this understanding, we would then have the ability to help you build the optimum tax plan. The optimum tax plan is one that has you paying any relevant taxes during the year without overpaying and losing the ability to maximize your financial stability. When you let us do our job on your behalf, you’ll be free to enjoy other aspects of your life without having to worry about tax issues.

Los Angeles Tax Planning for the Future

The financial decisions you make today will have a profound effect on the financial future of you and your family. With that much on the line, you want to make sure you do whatever it takes to make the best decisions possible. That includes addressing your tax liabilities that could arise from your employment or business activities.

We are prepared to help you put a tax plan in place now. It will be a plan that addresses minimizing your tax obligations while affording your family’s financial future maximum protection.

Wills

Without the proper plans in place, you cannot control where your assets go after your demise. We like to impress on our clients how important it is to make sure they have a will in place now to ensure their owned assets pass on to loved ones as intended after death. Beyond helping you create your will, we can also apply our tax expertise to make sure the taxes your loved ones owe from their inheritance are minimal based on applicable tax laws.

Trusts

While a will is a useful document to protect your family’s rights to your assets after death, you could also choose to start protecting your assets now with a revocable or irrevocable trust. With a proper trust in place, you can protect your assets from current and future tax obligations while also keeping creditors at bay. If you want to set up a proper trust that works well for all relevant parties, you would certainly benefit from our expertise in this area.

Estate Plans

While estate plans encompass the use of wills and trusts, they can also address other aspects of your life. Now is the time to decide how you want loved ones to act on your behalf should you become incapacitated. It’s also the right time to appoint guardians for your children and layout future instructions related to your business interests and personal finances.

LA Tax Services for Businesses

While personal taxes tend to be very complicated, they pale in comparison to the complicated nature of business taxes. Everything you do as a business person will affect your business’s tax standing. For the sake of your business’s success, you can ill-afford to not have a solid tax plan in place. With our expertise, we can protect your business and its assets while ensuring your business’s tax obligations never exceed what’s necessary based on tax codes.

Given the relevance of taxes to your business and profitability, it’s vital you put a solid tax plan in place to guide your business decisions in the future. As part of the planning process, you need to understand how certain business activities will affect your tax standing with the IRS and FTB. A comprehensive list of possible business transactions and how they would affect your business’s tax obligations is not possible in the allotted space. However, we do want to address the importance of a tax plan related to the most basic tax implicated business transactions your business might encounter. The list includes:

Business Merger and Acquisitions — Should you decide to grow your business, you might decide to do so through a merger or purchase of another business. A solid tax plan would serve as your guide to make sure you don’t make a mistake that could result in significant tax obligations now or in the future.
Selecting Proper Business Format — When setting up a new business, you must decide whether to choose a sole proprietorship, a partnership or a type of corporation. Ultimately, your business’s format would dictate how tax liabilities would be calculated. A good tax plan would help you choose the format that would likely result in the lowest future tax obligations possible.
Doing Business Abroad — Should you decide to do business internationally, there could be certain tax benefits available from doing so. Tax planning would help you better understand what benefits your company could expect to receive by dealing with foreign governments or overseas customers and employees.
Liquidating Unsold or Expired Inventory — Before you decide to liquidate inventory, you would need to understand the potential benefits of doing so through certain processes within certain time frames. A good tax plan would help dictate the best way to proceed with the liquidation process.
Making Capital Investments — With limited capital, you need to ensure you make capital investments as efficiently and effectively as possible. Given the potential tax ramifications that come with certain capital investments, you would want a tax plan that points out how and when to make the sure investment for maximum tax benefits.
Managing Special Business Transactions — As a business owner, you will encounter opportunities to sell or buy assets. In many cases, you might encounter tax benefits or liabilities related to such transactions. A viable tax plan would likely play a big part in making sure you proceed with certain business transactions with a full understanding of how said transactions would affect your company’s tax basis.

Providing Professional Tax Services in Los Angeles, CA

We all have an obligation to pay taxes on everything we earn as individuals and business owners. While the IRS and FTB are serious about collecting any taxes owed, they do provide leeway as to how much is to be paid in taxes each year. The challenge for any taxpayer is to properly apply tax laws in such a way as to limit tax obligations.

Hopefully, you understand the importance of preparing tax plans and filing your taxes accurately and on time. We have been offering tax services in the Los Angeles area for a long time. Through the years, we have established a level of expertise in all aspects of personal and business taxation that is second to none.

If you are contacted by any government agency concerning your tax matters, your first call should be to us. We will take care of it so that you can get on with your business. There is a certain mystique that has grown up around tax planning and tax-cutting techniques. We are here to put tax planning in plain English for you.

At Lavi CPA, we take seriously our responsibility to help our clients save as much money as possible while filing accurate tax returns that follow the law. We can help with your tax responsibilities, freeing you up to address things that are more important in your life.

Call us for a no-charge initial conference. We will discuss your financial and tax situation and determine how we can help you.

Elias Aziz-Lavi CPA