Premier Tax Consulting

“Failing to plan is planning to fail.”

Benjamin Franklin’s timeless adage stands true in today’s highly complex, dynamic tax landscape, highlighting the significance of a robust tax strategy for businesses.

Regardless of their size or vertical, businesses are obliged to pay their legal and fair share of taxes. Many of them depend primarily on a host of software programs or ‘do-it-yourself’ solutions to manage their spending and profit margins and implement cash control measures. But without a well-rounded tax strategy, they often fail to maximize benefits, as these tools are only attuned to give accurate numbers on income and expenses and offer few options or advice on how to save on taxes. This results in businesses leaving a lot of money on the table.

That’s where Premier Tax Consulting comes in.

The well-established, highly tenured, full-service accounting firm is ideally positioned to make tax planning less taxing for all businesses. From real estate professionals, to professional service business to real estate investors, businesses across various industry verticals trust its expertise in developing custom tax plans that optimize tax savings. Backed by a decade of experience, Premier Tax Consulting goes beyond traditional consultation to provide clients with proactive advice and strategies that take advantage of every deduction. Its service portfolio covers every avenue of the tax landscape, from tax preparation, planning, bookkeeping, and payroll to business advisory services.

“Our tax professionals are masters of all nuances of tax laws and complex tax codes. They stay up-to-date on all the changes affecting tax returns throughout the year, providing clients with a list of common deductions for the coming year that can limit future tax liabilities,” says Danny Fink, CPA and president of Premier Tax Consulting.

Dotting the I's and Crossing the T's

The team combines its deep industry expertise with an attention-to-detail mindset to develop a personalized tax strategy that takes every aspect of the business into account. It takes a handson approach to better understand the needs and stakes at play. Parameters like revenue, number of employees, owner's and spouse's age, children and their ages, employee benefits, and the existing tax reduction strategies are thoroughly evaluated to uncover all areas of improvement and untapped tax benefits.

This discovery process is followed by a comprehensive analysis, where the team scrutinizes the current entity type in which a client is taxed—whether sole proprietor, S corp, or C corp.

It then explores the tax implications of switching to different entity types and assesses all possibilities of additional tax deductions for the chosen entity type. For example, businesses listed as LLCs can avail themselves of other benefits if they choose to be taxed as a S Corporation. They can utilize certain deductions specific to S- corp, including the benefit of not being subject to selfemployment tax. Premier Tax Consulting always strives to find the best entity type for clients and unlock the largest tax savings.

The company also assesses various retirement plan options based on the owner's age, business profit, and number of employees, helping clients make the most of every benefit.

For eligible businesses, it finds additional tax-saving channels, like R&D tax credits and investments in oil and gas, or performs cost segregation studies to reduce current income tax obligations. It explores over 1,400 potential federal, state, and local tax deductions and credits before settling on the best combination of strategies.

“We always try to identify the right combination of strategies for each client. After all, no one strategy or one-size-fits-all approach fits every use case,” says Fink.

Turning Blueprints into Tangible Results

While devising an ideal tax strategy is crucial, diligent implementation is the key to substantial savings.

“As industry veterans, we often see businesses struggling to implement well-structured tax strategies as they lack knowledge on the intricacies of state and federal laws and regulations,” says Fink. “That is why we take a couple of steps further as advisors and help implement the recommended strategies.”

Apart from implementation, Premier Tax Consulting lends clients a hand in tax filing. It follows a stringent process to confirm the returns have been checked for mathematical accuracy, meaning the potential for an audit is eliminated. The firm also provides ongoing support to help clients navigate changing legislation. It meets with them every quarter, ensuring all necessary tax deduction documents are curated well in advance of tax filing.

If there are adjustments or any new/additional changes to the business model, team Premier Tax Consulting revises the strategy for more deductions.

Ancillary services, like providing advice for better-managing payroll withholding, which can yield significant cost savings, are also part of its offerings. It also offers referrals— retirement plan or financial advisors—to help clients optimize use of recovered dollars.

Proactive Stance to Tax Savings

Premier Tax Consulting’s proactive approach to finding tax deduction possibilities has helped many clients improve profit margins. A recent case involves a small business owner who faced significant challenges with tax payments. Despite earning good profits, he failed to make quarterly estimated payments throughout the year, and didn’t save enough cash to cover the substantial tax balance due at the end of each year. This resulted in the client having to repeatedly enter installment agreements with the IRS to pay off the owed taxes. He approached Premier Tax Consulting for help with the challenging situation.

The team conducted an analysis and devised a robust strategy that yielded significant results for the client right from the start. In the first year, his taxes were reduced by approximately $40,000, and he started making quarterly estimated payments. This led to a significant improvement with no balance due to the IRS when the following year's tax return was filed.

Over time, the client was able to invest the tax savings into the business and profitable real estate investments. He now owns a portfolio of more than eight rental properties with an estimated value of $2 to $3 million. This instance illustrates Premier Tax Consulting's commitment to helping clients save on taxes and improve their bottom line.

"Tax planning is not a one-time thing but an ever-evolving process. Many clients are under the impression that the amount of tax they pay can’t be changed. But the amount of tax you have to pay is not set in stone, but can be reduced by taking a proactive approach to tax planning ,” says Fink.

Premier Tax Consulting's success owes a great deal to its team of tax CPAs with extensive experience in tax recovery. It emphasizes continuous education to deliver tax plans that maximize savings. The firm is looking to expand into new geographical fronts and help more clients benefit from substantial tax savings.