Business & Tax Consulting
No matter if you are a NEW business, a business with a long history of success, or a business looking to take the next step in your journey of SUCCESS, SMIB Management can help your business to define financial wellbeing.
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Your daily actions have a significant impact on the future of your company. If you don’t have a plan for where the company is going to be in one, three or five years, how do you know that your actions today are the best actions to take for the future success of the company? Our purpose is to enrich the story of our clients, to provide support and bring ease to the entrepreneurial journey, and guide them to their ultimate success.
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Five TYPES of “Business Planning” and how we can help
Business “Start-Up” Planning
Some of the most important aspects of a new business Start Up are in the area of understanding the various TYPES of business structures that you have to select from. Important in this analysis is the issue of long term tax impacts and the differences between C and S corporations, Partnerships, Limited Liability Companies (LLC) and the tax impacts that each have that are very unique.
Business “Growth” Planning
As your business continues its growth often the most
important aspect that is overlooked are the tax impacts of financial success. Success and growth can be significantly impaired by the financial consequences of taxation. Understanding how to plan for these impacts is critical in building that long term success.
Business “Reorganization” Planning
When a business begins to see the signs of growth there may be an opportunity to realign the business structure in a manner that promotes Earnings and Profits retention through reorganization planning. Changes in ownership, debt restructuring, divorce or taking on new partners are all examples of the opportunity to evaluate a reorganization plan.
Business “Succession” Planning
Retirement is an important aspect of long term planning. How your business will allow you to make those plans on a solid foundation will depend on how well you plan for succession of the business. Often buy-sell agreements, or the next generation of a family business provide excellent opportunities to consider succession planning for the business owner.
Business “Sale and Liquidation” Planning
Selling the business? Closing the business? Business sale and liquidation planning can have important and valuable tax benefits as well as the ability to plan on how to deal with potential adverse tax impacts in a liquidation or sale. There are a host of planning opportunities available that allow for minimizing the tax impacts in a sale or liquidation.
Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.
Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity.
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Five TYPES of “Tax Planning” and how we can help
Short-Term Tax Planning
This type of planning is typically thought of and executed at the end of the income year to reduce taxable income in a legal way. Generally, this is the least effective in that it does not provide for consideration beyond the current tax cycle (calendar year); as a result of time constraints, the client is not always able to make financial adjustments necessary to fully maximize the benefits. In some ways, short term planning is more “reactive” versus long term planning, which is “proactive.”
Permissive Tax Planning
Permissive Tax Planning means making plans which are permissible under different provisions of the law, such as planning of earning income covered by a specific section of the Internal Revenue Code; the planning of taking advantage of different incentives and deductions; the planning for availing different tax concessions or tax credits.
Long-Term Tax Planning
Long-term tax planning means that items such as retirement income and its taxable components, long-term gains, short-term gains, disposing of assets, purchasing of assets, succession planning, estate and gift tax planning, marital estate planning are a few of many examples of long-term tax planning. Long-term planning is a proactive means of understanding all the tax benefits legally available and strategically maximizing them accordingly.
Purposive Tax Planning
Purposive Tax Planning means making plans with specific purpose to ensure the availability of maximum benefits to the assesse through correct selection of investment, making suitable adjustments for replacement of assets, varying the residential status and diversifying business activities and income or utilizing combinations of business structures to maximize financial benefits.
Adverse Tax Planning
Adverse planning is subjective and takes into account any number of adverse circumstances (bankruptcy, divorce, cancellation of debt, foreclosure, business loss) and
seeks to determine all of the various tax impacts and issues that would result from a specific adverse circumstance
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