The US Tax code was four pages in 1913 and there was no tax advice back then. Today, the US tax code is more than 70,000 pages and it affects just about everyone. If you aren’t a tax advisor, navigating taxes can be tricky, especially with tax laws changing on a regular basis. Once you finally think you have the current laws down, they change. Recent economic events have ramped up the levels of changes, with more credits and deductions becoming available. Understanding which deductions and credits you can take is critical for tax planning and minimizing your tax burden. One way to do this is through a tax advisor, like JS Morlu, working alongside you, helping you decipher the complex tax code.
What is Tax Advice?
Tax advice involves a professional guiding you through effective tax planning strategies and complex situations to minimize your overall tax liability. Tax law is constantly changing and evolving based on political and economic factors. In order to properly mitigate any adverse risks, you need a qualified tax advisor working alongside you. Properly and legally reducing any tax risks results from tax advice prior to year-end so strategies can be effectively implemented.
A tax advisor cannot tell you exactly what to do, but they can help you navigate your situation to result in a favorable outcome. No one can predict the future, therefore, when you receive tax advice there is no assurance that the situation will end up exactly like was predicted. Whether you are a business or individual, you can benefit from tax advice from a qualified advisor, like JS Morlu.
Can My Business Benefit from Tax Advice?
Simply put, yes. All businesses can benefit from tax advice because the taxation of businesses varies each year. Most businesses pass income through to the individual level, calling on the need for both individual and business tax advice. However, businesses are able to take expanded credits and deductions to reduce the income passed through. Additionally, tax advice is especially important when authoritative figures, such as a President, change because new tax laws and regulations are bound to be put in place. Recent legislation changes that tax advice can help navigate include:
- State Entity Level Taxation
- Leasehold Improvement Depreciation
- Research and Development Credits
- Corporate Tax Rate
- International Tax Requirements
- COVID Relief
- Opportunity Credits
Further benefits to your business include reduced stress surrounding filing your business return and minimizing any surprises. When you have concrete advice of what to expect, you can properly plan to minimize your tax burden. Additionally, spending hours studying the new tax laws can take away from important day-to-day operational tasks. Instead, JS Morlu’s team is consistently studying up on the latest changes to provide you with valuable tax advice.
Do I Need Tax Advice for My Personal Taxes?
As we mentioned before, many businesses choose to pass the tax burden down to the shareholder level. This means that any income, deductions, and credits will be reported and taxed on your individual tax return, opening the door to complex tax situations. To better plan running your business, you should seek out tax advice for your personal taxes. Tax advisors understand the tax implications business income has on your personal tax return, suggesting money saving strategies and planning items. Moreover, many business owners struggle with deciding when to take a salary versus a distribution. A tax advisor can look at your overall tax situation to suggest advantageous distribution and salary amounts, ensuring you are still eligible for tax reducing credits and deductions.
Even if you aren’t a business owner, you can still benefit from a tax advisor. Regulatory agencies are constantly altering deduction and credit thresholds along with adding new tax saving opportunities. Additionally, each year tax brackets are adjusted for inflation, causing increases or decreases in your taxable income. Sometimes these changes will work out in your favor, but other times it may cause additional tax. Crafting creative solutions into your tax situation can result in many benefits for you, reinforcing the advantage of a tax advisor.
What Tax Services Does JS Morlu Offer?
JS Morlu has a tax advisory practice that is designed to meet all your tax question needs. From discussions on your business taxes all the way down to succession planning, we’ve got you covered. Anything and everything that has to do with taxes is right up our alley. The last thing you want is to be blindsided by an unexpected tax bill. Among the list of advisory services we offer include:
- International tax advisor
- Personal tax advisor
- Property tax advisor
- Retirement tax advisor
- Pension tax advisor
- Nonprofit tax advisor
- Financial tax advisor
- Business tax advisor
- Capital gains tax advisor
- Inheritance tax advisor
- Expat tax advisor
- Succession tax advisor
- Investment tax advisor
If any of these situations applies to you, reach out to JS Morlu today. Let us help you navigate your way through the tax law.
What Makes JS Morlu Qualified To Be Your Tax Advisor?
Here at JS Morlu, we have extensive experience and education, making us highly qualified to be your tax advisor. Our team members go through rigorous continuing education courses to stay informed on the latest changes. In addition to continuing education, our managing partners has over 10 years of experience on complex tax issues, such as international taxation. This gives us a competitive advantage that other firms might not be able to offer you.
Moreover, we are dedicated to our clients, meaning we will go to great lengths to ensure our tax advice is relevant and accurate to help you make more informed business and personal decisions. We’ve dealt with and studied a wide variety of tax subjects so you don’t have to. You can have peace of mind knowing JS Morlu is your go-to advisor for any and all things tax advice.
Can JS Morlu Help Me with Complex Tax Issues?
JS Morlu’s knowledge expands past simple tax issues, allowing us to handle every complex tax situation that comes your way. There are new reporting requirements for international investments on the business and individual return, making it essential to work through any gray areas before year-end hits. Additionally, new investment types are becoming increasingly popular. Crypto, gold, and other uncommon commodities are being traded at a higher volume. If you engage in any of these transactions, it is critical you fully understand the tax implications, leading to contacting JS Morlu to be in your best interest. Other complex situations we deal with include:
- International investments
- Investment sales
- Pass-through business income/loss
- Business valuation
- Tax implications of adding another partner
- Guaranteeing loans
If you have a tax situation you need advice on, but don’t see it on the list, reach out to us. Odds are we’ve seen it before and can walk you through everything you need to know.
What if I Have a Small Business?
Every business can benefit from tax advice regardless of business size. When it comes to taxation, a majority of the rules and regulations are the same for small and large businesses. Small businesses will just see smaller credits and deductions. Among the top benefits small businesses realize from a tax advisor are steady growth, compliance with tax agencies and relief surrounding major business decisions. If one of your main goals is to grow your business, you can’t afford to bypass JS Morlu as your tax advisor. One mishap with the IRS or state agency can result in high fines and penalties that can bankrupt you. Mitigate this risk with JS Morlu advising you on all business and tax decisions. Additionally, steady growth comes from sound internal controls within the accounting function. JS Morlu working alongside you can ensure your accounting controls are set up properly to minimize the risk of fraud and noncompliance.
When is the Best Time to Reach Out for Tax Advice?
A tax advisor doesn’t just work during tax season. Instead, tax advice is useful year-round as situations arise. Keep in mind that tax planning strategies resulting from qualified tax advice need to occur before year-end. Any planning done after year-end will only affect the next year. As a result, reaching out for tax advice should be done on a regular basis throughout the year. Your business size will determine how frequently JS Morlu should be assisting you. Smaller businesses can meet once a year with communication on random events on a regular basis. However, larger companies should plan on scheduling a meeting with a tax advisor on a quarterly basis to ensure nothing is missed. Getting on a regular schedule with a tax advisor can be very beneficial to your business.
Does it seem like you can benefit from JS Morlu as your tax advisor? The answer should be yes. JS Morlu helps various clients on a regular basis navigate tax situations that pop up. From businesses to individuals, we can serve as your tax advisor on anything and everything tax law. Don’t waste any more time trying to work through complex tax situations on your own. Instead, pass the burden off to our team. Reach out today to set up a consultation and let one of our team members walk you through the different tax benefits we can help you with