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For small businesses, we offer retirement and tax planning services. We work with your accountant and other professionals to help implement our recommendations.

“You wouldn’t get in a car and drive around aimlessly, hoping to eventually arrive at a pleasant destination. So why would you even consider doing this for your business?”

― Koos Kruger

RETIREMENT PLANNING

No matter if your business has 50 employees or none at all, we have options for you. Our retirement plan options are affordable. Retirement Planning shouldn't just be a side offering or after thought. Your retirement, so we can tailor the investments options those that best suits you. At Tranquility Financial Planning, we offer a diverse group of investments to help you and your employees build their financial future. Are you still undecided whether a retirement plan is right for your business?  Here are three very compelling reasons:

  • Your plan not only helps secure your future—it may be the primary way your employees can help secure theirs.
  • Offering a plan helps make your business competitive when it comes to attracting and keeping good employees.
  • There are potential tax benefits to offering a plan, because plan contributions for the business owner are deductible as a business expense.

We can potentially have your retirement plan up and running in a very briefly. We can set up your retire plan so that the money is deducted directly from  your payroll and invested into the plan before you even have a chance to miss it. 

We offer four types of retirement plans that small-business owners might consider:

  1. Simplified Employee Pension Plan (SEP IRA)
    • Contributions are made by the employer only and are tax deductible as a business expense.
  2. Self-Employed 401(k) plan
    • Perfect for sole proprietors, partnerships,
      family businesses. Low cost, greater tax savings than a SEP.
  3. 401(k) plan
    • We offer two approaches to 401(k) plans.
      • For businesses with 2-50 employees we offer the Express (k). Express (k) offers quick and easy solution with all the basics you need in a 401 (k) but without all the bell and whistles.
      • The Custom (K) works well for 2-100 employees. Custom (k) offers your business flexibility and customization based on the needs of your business and a wide variety of investment options.

 

If you have more questions about our RETIREMENT PLAN options:

Schedule an Appointment»

(956) 377 - 0118

 

 

 

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TAX PLANNING

Many small business owners ignore tax planning. They don't even think about their taxes until it's time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity. 

Although tax avoidance planning is legal, tax evasion - the reduction of tax through deceit, subterfuge, or concealment - is not. Frequently what sets tax evasion apart from tax avoidance is the IRS's finding that there was fraudulent intent on the part of the business owner. The following are four of the areas the IRS examiners commonly focus on as pointing to possible fraud:

1. Failure to report substantial amounts of income such as a shareholder's failure to report dividends or a store owner's failure to report a portion of the daily business receipts.

 

2. Claims for fictitious or improper deductions on a return such as a sales representative's substantial overstatement of travel expenses or a taxpayer's claim of a large deduction for charitable contributions when no verification exists.

 

3. Accounting irregularities such as a business's failure to keep adequate records or a discrepancy between amounts reported on a corporation's return and amounts reported on its financial statements.

 

4. Improper allocation of income to a related taxpayer who is in a lower tax bracket such as where a corporation makes distributions to the controlling shareholder's children.

 

Tax Planning Strategies

Countless tax planning strategies are available to small business owners. Some are aimed at the owner's individual tax situation and some at the business itself, but regardless of how simple or how complex a tax strategy is, it will be based on structuring the strategy to accomplish one or more of these often overlapping goals:

  • Reducing the amount of taxable income
  • Lowering your tax rate
  • Controlling the time when the tax must be paid
  • Claiming any available tax credits
  • Controlling the effects of the Alternative Minimum Tax
  • Avoiding the most common tax planning mistakes

 

If you have more questions about our TAX PLANNING options:

Schedule an Appointment»

(956) 377 - 0118 

 

 

 

Learn what Tranquility Financial Planning can do for your Business.   Schedule your FREE Business consult