Tax Planning

Preparing for Taxes in Hackensack, NJ

Planning ahead for taxes is a critical aspect of managing any company, yet many business owners fail to plan for their company’s tax burdens. CPAs Milton Rosenblatt, Leon Schenker, and Jay Guttman are fully aware of the federal and state tax laws that can affect you and your company, and are able to help you plan around them for financial security. SRF Accounting Group, LLC provides tax planning to clients in Hackensack, Teaneck, Fort Lee, Paramus, and the surrounding communities.

Timing Deductions

There are several deductions available for businesses to take on an income tax return. However, these deductions can often be time sensitive, such as with purchasing property or equipment necessary for business management. Unless you conduct the activities necessary to take the deduction by a certain time frame, you will not be able to claim your deduction in time for the current tax year.

As a solution, you can call or visit our Hackensack firm to have our CPAs help you find areas to save you money. We highlight the available deductions you can take and help you create a plan to take advantage of these deductions. If deductions are time sensitive, the plan created with SRF Accounting Group, LLC includes a list of the remaining available deductions and a timeframe of how soon the deduction should be gained.

Business Structure

Businesses come in several different forms, from a sole proprietorship operated only by the owner to a C-corporation with multitudinous employees. Each type of business entity has its own unique tax situation that affects how the company and its owners pay their income taxes, as well as stronger regulations that come with more advantageous tax situations. Because each entity is a balance between the benefits of its tax situation and what opportunities for growth are more likely to occur, your company’s structure may need to be changed.

SRF Accounting Group, LLC understands the tax and compliance realities surrounding each type of business structure: sole proprietorships, partnerships, and corporations. By having our accountants in Hackensack help you with business tax planning, we can give an honest opinion about how your business’ current entity structure is affecting your tax situation and business management plans. If restructuring into a new business entity is a goal you have, we will help you determine the ideal time to restructure and recommend a beneficial entity your company can take after the transition.

Contact Us for Tax Planning Services

The above are only some examples of the ways planning ahead for taxes can help businesses succeed. SRF Accounting Group, LLC provides tax planning services to clients in Hackensack, Paramus, Teaneck, Fort Lee, and the surrounding communities. For more information about our tax planning services, contact our firm today and schedule a consultation.

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