What Can A Tax Services Firm Do For You?
Whether you're dealing with personal or business needs, you may want to consult with a tax services professional. Aside from helping you file forms, though, you might not be sure what else they can do for you. Let's take a look at 5 other things a tax professional can assist you with.
Setting Up and Reorganizing Businesses
How a business is set up for tax purposes will dictate a great deal of what it pays and when. A tax and accounting services provider can answer many questions on this front. For example, what's the difference between an LLP and a partnership? Which approach is preferred based on your tax situation?
Working with Not-for and Non-Profits
The tax status of a non-profit organization is one of its most valuable assets. Regulations determine what you have to do to keep that status, and there will also be reporting requirements. A professional can install guardrails to ensure an organization will stay on a straight and narrow path.
Designing Estates and Trusts
When setting up an estate or a trust, people often end up focused on beneficiaries and assets. There are, however, several tax implications. Foremost, outstanding taxes on your end have to be settled before money and assets can be transferred to beneficiaries. It's also worth spending some time figuring out how you'll provide funds to beneficiaries to cover their tax bills as recipients. After all, you don't want an estate or a trust to end up being a white elephant gift.
Keeping Current with New Rules
At the beginning of every new fiscal year for the government, new tax rules will be put in place. While most years won't be as radical as the recent round of tax reforms, there will still always be a few things that slip past even the most attentive taxpayer. The tax services firm handling your work can examine what exposure you have to new regulations and help you decide how you want to address issues that come up.
Planning for the Future
It's easy to get caught up in the challenge of just paying this year's taxes. Folks who are preparing for long-term needs, such as retirement income or paying for college for kids, have to keep an eye on what their tax bills are going to look like when that day comes. A pro can point you toward savings and investment vehicles that will provide tax preference at such critical moments.