Taxes: they're tedious, frustrating, infuriating, and at times, downright scary. That's because taxes aren't just filing forms and finding loopholes. At Farmer, we don't just offer tax filing, we offer tax strategy. By understanding your entire financial situation, we can home in on the most optimal tax plan for you and your business, making sure no stone is left unturned in crafting an adaptive tax strategy that works for you not just this year, but for many years to come.
Competent, accurate returns that are time-efficient and planned throughout the year, year in and year out.
A holistic approach that utilizes synergies in financials and payroll to help plan and execute the right tax strategy for you.
We maximize future cash flow while helping your current tax situation through retirement strategies.
of a small business owner's time, on average, is spent doing their own taxes, according to the IRS.
of small businesses think they overpaid in taxes.
of tax refunds go unclaimed by Americans every year.
is the current top corporate tax rate in the United States.
Income taxes are based on many, many different taxable items. Taking the holistic approach to your financials can help manage your taxes to be constant. Lining up your personal wages with your net income from your business with your income from rentals and investments helps determine what would be best for you when all of those are combined, for now and through future years.
This question would have a different answer based on many variables — all of which should be part of your regular conversations with you accountant. Setting up the right tax entity (separate from your legal entity) is key to being taxed at the most optimal rate. Aligning your income and wages to be best for your tax entity is key to being taxed at a lower rate for many future years. (Basically, if you don’t know the answer to this, you should contact us.)
Farmer CPA is OBSESSED with choosing S Corporation for the majority of our business clients. The tax benefits and flexibility in deciding how income is taxed leaves little dispute as to why the S Corporation is best for tax planning. This is a simple test to see if your accountant is doing what is best for you.
There’s not really an easy answer, but a good accountant should explain why they are choosing a specific type of tax entity, the wages to owners, the amount to pay in income tax, the tax bracket management techniques they are utilizing, etc. If they aren’t talking to you about these things on a regular basis, they are either not doing them, or not doing them best for you.
Tax returns and tax rates can be complicated and convoluted. The best tip is to find a great accountant who can explain how the taxes work in terms you will understand and show you the flow of the information on your tax return. Having confidence in taxes is having confidence in your accountant.
Explore the other services Farmer has to offer to see how each piece fits within the strategy of your financial success.
We’re not your typical CPA. That’s OK, you’re probably not a typical business. Let us help you craft some financial goals tailored to your business. Relax, we’ve got this!