Premier’s approach to financial management is pro-action. Tax planning is a very important part of that process.
Tax planning is a continuous process whereby we anticipate what a client will earn, what they will need to pay in taxes and how those tax payments can be arranged to give the client the most benefit.
Tax planning involves an expert knowledge of the existing tax laws and anticipated tax changes in future years. Depending on how these changes will affect our clients, we make recommendations and structure financial decisions to save the client as much money as possible.
On a quarterly basis, we look at the clients’ financial information and extrapolate what the total tax obligation will be for that year. We routinely set aside funds into a tax account for those eventual payments. Whether the payments are made quarterly via estimates or withheld on a salary check depends on the sources of revenue, tax laws and what is best overall.
Tax planning puts our clients at ease. While no one loves paying taxes, our clients know that they have the funds to pay their taxes in the year that the income is earned.
Additionally, we are able to work with the client on business decisions to maximize their profits and minimize the tax effect.
For our non-business management clients, we collect their information quarterly to keep them on track with their taxes and consult with them as needed during the year.