Tax Planning for Business Owners

Business transactions are becoming more complex each year. And with that, the world of taxation grows in complexity as well. As the rules of doing business, within a single jurisdiction or across multiple jurisdictions, change, so does the need for assessing their tax impacts on specific transactions. As a business owner, you have other critical things to worry about – like running your business. Why not trust experts with the tax planning aspects of your business, while you focus on the rest?

Why Tax Planning is Important for Business Owners

As a business owner, it’s hard for you to be an expert in all matters - Finance, Human Resources, Marketing, Accounting, Sales, Shipping, Procurement – and that’s why you hire the best talent to staff those roles. But many of those disparate functions have one thing in common: They have some form of tax element to them.

Business taxes can sometimes be a barrier to growth and profitability of your business. However, if planned correctly, the tax codes offer a number of valid opportunities that business owners can leverage to their advantage. Without savvy tax planning, you could literally be losing thousands of dollars a year in unclaimed rebates, benefits, charge-backs and deductions,

Whether it’s Income Tax, Employment Taxes, Estimated Taxes, Self-Employment Tax, Excise Tax, Provincial Sales Taxes or Goods and Services Taxes – the legislative environment for each of them is too complex for any single individual to master and navigate. So, when it comes to assessing and planning your business taxes, you need an experienced team of Tax Planning professionals to guide you.

What We Can Do For You

The objective of our Tax Planning service isn’t about avoiding taxes, but focused on the most effective interpretation and application of tax laws and statutes to defer, eliminate or reduce business taxes for our clients.

Our Tax Planning specialists provide invaluable advice and services to a range of business entities, including Sole Proprietorships, Partnerships, Limited Liability Companies (LLPs), Business Corporations/Incorporated Companies, Co-operative structures and Not-for-profit entities.

More specifically, we provide advice and services that include, but is not limited to:

  • Reviews: Reviewing and advising clients on long-term impact to their business, of tax legislation and proposed amendments.
  • Managing tax rates: Strategic tax planning advice to help you manage your effective tax rate.
  • Alternate Minimum Tax: Planning and advice on Alternate Minimum Tax, including supporting you on all paperwork and other formalities to determine amounts owing – if any.
  • Transaction support: Consultations on the tax impact on specific transactions (Sale of assets, M&A activity, Import/Export transactions).
  • Tax structures: Providing advise on the most effective tax structures for a specific type of business.
  • Tax minimization: Considerations on the most effective ways to minimize your tax burden.
  • Tax returns: Preparation of Individual, Corporate, Trust, Partnership and Sole-Owner tax returns.
  • Compliance: Multi-state/inter-provincial tax planning advice, including compliance reviews.
  • Electronic filing: Electronic tax filing so you receive your rebates, refunds and deductions quickly.
  • Advice: Providing tax advice to clients when dealing with Federal, State/Provincial tax authorities.
  • Estate/Succession planning: Tax planning strategies and advice around Succession and Estate planning, to ensure that your exit from the company doesn’t trigger massive tax liabilities, or that your beneficiaries aren’t saddled with undue tax burdens from their inheritance from the disposal of business assets.

Compliance and Disclosures

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Berkeley Advisors, Inc. | Catherine Mathis | Taylor Mathis