Tax Reduction Planning

What is tax planning?

Tax planning is a comprehensive, custom analysis of your tax structure and finances undertaken to determine strategies for lowering your tax liability – both for your Las Vegas business and for you as an individual.

How does tax planning work? How will Ratio CPA help me lower my tax liability?

A CPA with tax planning expertise and deep knowledge of tax law will analyze your tax documents and accounting in order to see which income tax reduction strategies you qualify for, but are not taking advantage of.

Ratio CPA will do a deep dive into:

• Your deductions
• Your legal entity structure, if applicable
• Business-related tax reduction strategies you may qualify for
• Your retirement and insurance structures
• Any advanced tax planning strategies you qualify for, such as tax credits
• Recent pandemic-related regulatory changes (ERTC, business loans, etc.)
• Custom client requests (such as purchase/sale of a business, real estate strategies, capital gains, setting up college funds for young children, etc.)
• Your compliance with tax law and IRS regulations

What tax savings can I expect?

Everything depends on your specific situation. Our Las Vegas clients lower their tax liability by an average of $37,000 annually, though many have savings over $100,000.

You will know what tax savings to expect following a complimentary consultation with a Tax Reduction Adviser – we do our best to be as transparent as possible.

What are types of tax saving strategies will you be recommending?

Tax planning recommendations are dictated by many factors, such as your sources of income, your business structure, and your specific tax situation.

We focus not just on savings, but also on tax compliance and tax code – federal, state, and local.

Is tax planning just for business owners?

No. Tax planning can help high-net-worth individuals, self-employed individuals, partners, and individuals with multiple sources of income. Tax planning can also be helpful if you are expecting an inheritance, a capital gain, purchasing or selling real estate, or planning on opening a business in Las Vegas. Finally, tax planning may come in handy if you are looking to maximize your retirement contributions.

How much does tax planning cost?

We do not post our fees online as every tax plan is unique. Quotes are based on the complexity of your taxes as well as the value we can offer you and your business.

You will know both our fee and your estimated tax savings upfront, following a complimentary consultation.

Do I have to switch accountants to work on tax planning with you?

No, your accountant can continue working on accounting and income tax preparation, while we augment your tax team with our tax reduction planning expertise, backed by over 20 years of CPA experience.

Just like doctors have different specialties, CPAs also specialize in various aspects of taxes and finances – your current accountant might be an expert at QuickBooks, but lack the expertise or knowledge of tax laws and tax regulations to suggest tax saving strategies. We’ll be more than happy to help out!

Case Study – How Tax Planning Saved Samantha’s Business

“Samantha” is the owner of a software development company in Las Vegas, Nevada. She contacted us in 2020, towards the end of the first round of PPP funding. She wanted to apply for a forgivable loan to keep her small business afloat, but was not sure how to structure the application, or which bank to use.

According to her own calculations, she was eligible for a loan of approximately $25,000.

We analyzed her payroll, rent and utility expenses, and found out that she actually qualified for a loan of over $60,000 in accordance with tax regulations in place at the time.

We helped her find a bank still accepting applications and provided information about ever-changing loan forgiveness regulations throughout the year – including information regarding keeping her staff employed.

She has since hired us to help her with accounting and other tax services, including income tax preparation and tax planning.

In 2021, she will be receiving a Research and Development tax credit of almost $40,000!

We’re looking forward to using our expertise to further boost her tax savings.

Case study – One Mighty Tax Reduction Strategy

We helped “Sara”, a New York City medical practice owner, save $92,000+ in taxes in 2020 alone by getting rid of her SEP-IRA and helping her set up a Cash Balance Plan in its place.

She had been told by her current accountant that a SEP IRA was a “no-brainer” – but not every accountant will strategically think ahead with the expertise of a Tax Reduction Strategist. If we had not questioned this “no-brainer”, Sara’s 2020 tax bill would have been dramatically higher.

No one wants to overpay the IRS. Having a CPA proficient in tax law and tax reduction planning can lead to significant tax savings. And we don’t take anything as a “no-brainer” – we do the brainwork, estimates, and projections.

Case study – Tax Planning Services to the Rescue!

“Larry” owns a large consulting business and reached out to us in 2019 because his accounting was in bad shape and his investors were unhappy. We started with QuickBooks cleanup services, but Larry quickly saw the value of working with us and hired us to prepare his partnership and individual income tax returns, as well as to help him with tax reduction planning.

As we closely follow all updates to regulatory changes to the tax code, we were able to see Larry had Net Operating Losses (NOL) in 2020 – and could carry these losses back to years when his company showed profits. We amended his past income tax returns and requested a refund from the IRS. By taking the time to analyze his income tax returns, and by having a firm grasp of current tax laws, we were able to save Larry almost a hundred thousand dollars with just one strategy! Larry was not aware he had access to such tax savings.

In addition, because Larry’s company was on track to high profits in 2021, we were able to pinpoint a variety of other tax reduction strategies to mitigate future taxes.

While the $100,000 tax savings from carrybacks of net operating losses was just a one-time strategy, his recurring tax savings thanks to his tax plan will be over $70,000 in 2021 alone.

This is a combined savings of almost $170,000 in two years – and a potential $450,000 over a period of 5 years.

This is the magic of having an expert Tax Reduction Strategist analyze your taxes.

Ratio CPA

Las Vegas Tax Reduction Planning

410 S Rampart Blvd Suite 390, Las Vegas, NV 89145, United States

Request a quote: (800) 366-2760

WHAT CLIENTS SAY ABOUT OUR TAX REDUCTION SERVICE IN LAS VEGAS