Preparing and planning for taxes is often a stressful and complicated endeavor for most people. We do it better, and make it easier on you.

Tax Preparation

Preparing your own tax return can be extremely difficult with today's complex tax code and may often leave you with more questions than answers. That's why most people look for a quality tax preparer.

Nowadays, many individuals and small businesses opt for professional tax preparers for assistance with tax preparation. This choice is prudent considering the dynamic nature of tax laws and forms, which can change annually. Even for seemingly straightforward returns, DIY efforts may lead to errors and missed deductions or credits, and trouble with the IRS or your State. Consequently, there's a risk of receiving an IRS or State notice indicating owed taxes.

At Take Flight Business Solutions LLC, we have the expertise needed to conduct tax research, prepare your ITR, and file your returns in compliance with the tax laws. Tax preparation is also a good way of assessing how your tax plans are working.

Tax Planning

Tax planning involves looking at your past (your most recent tax return and perhaps tax liabilities), where you are today, and looking at your goals and what you are trying to achieve going forward. From there, we find ways to minimize your tax expense or your tax liability. This can involve ongoing life and tax discussions and ongoing action taking.

Perhaps you're a small business owner who would like more visibility into what taxes will cost. Our expertise spans small business tax planning strategies that mitigate such risks as owing a surprising amount of taxes, plus penalties and interest expenses. We can help with quarterly tax planning and estimated tax payments. Obviously, hiring your kids can't be a tax reduction strategy, if you don't have any kids that want to work in the business.

Perhaps you have a high income with stock and bond transactions, and want to prevent more of that income from being taxed. We can help with that through tax loss harvesting and tax deferral opportunities and vehicles.

Or, perhaps you're an investor in real estate. There are strategies and ways to implement tax savings under all these scenarios as well, such as an installment sales or a 1031 exchanges.

It all depends on your past and present, and where you want to go that will influence how we determine the relevant tax strategies that may work for you. We create something that is custom for you and your unique needs. Once we've come up with some strategies, we would look at how and when to practically implement these strategies and turn these tax strategies into a reality. We all know talking about strategies is different from actually making them happen.

We'll Look at Your Particular Situation to:

• eliminate taxes by helping you make income that's not taxable.
• defer taxes so that you can save money now, and pay less in taxes in the future.
• Lower taxes by using income splitting strategies to reduce taxes for your family.
• Reduce taxes by identifying all the deductions and tax credits you may be missing.

If you own a small business or need help with individual taxes, working with a firm that does both tax planning and tax preparation can help you save you the most money.