Tailored Tax Tactics

Understanding Custom Tax Planning: The DeFreitas & Minsky Approach

Tax planning: It’s a term you’ve likely heard often, but do you truly understand its potential? If you’re like most people, tax planning might be an intimidating subject. Especially, for small businesses and individuals looking to make the most of their financial situation, the seemingly complex tax laws can be quite daunting.

As certified public accountants located in New York, DeFreitas & Minsky LLP is committed to unraveling this ambiguity. Combining analysis with strategic implementation, we are deep-seated advocates of Custom Tax Planning. Through our tailored approach, we aim to assist you in making informed decisions that result in a smaller tax liability.

Custom Tax Planning: The Underlying Framework

Custom tax planning stands apart from its standard counterpart in its personalized orientation. According to Statista, approximately 32% of small businesses use accounting software; however, not all users leverage custom tax planning (Statista, 2021). Custom tax planning goes beyond just following a set of pre-determined tax rules; it seeks to optimize individuals’ or businesses’ financial scenarios.

• Custom Tax Planning Considers the Entire Financial Situation

• Offers In-Depth Insights for Businesses and Individuals

• Provides Recommendations Tailored to Specific Needs

• Helps Proactively Minimize Future Tax Liability

The DeFreitas & Minsky Advantage

Over the years, DeFreitas & Minsky LLP have developed expertise in providing personalized tax solutions, particularly pertaining to the needs specific to New York. Our advantage lies in our holistic approach to custom tax planning.

• Knowledge of Local, State, and Federal Tax Laws

• In-depth Understanding of Client Financials

• Conducive Client Relationship Management

• Future-oriented Approach to Custom Tax Planning

The Impact of Custom Tax Planning for Our Clients

A report from the Tax Foundation highlighted the overall tax climate in different states, revealing that New York stands at 48th for business taxes and 41st for individual taxes. Custom tax planning, in this context, has substantial value for our New York clients (Tax Foundation, 2021).

For individuals, our strategy involves leveraging tax breaks, considering life changes, and planning for retirement transitions. In contrast, for businesses, we often focus on aspects like timing income and expenses, choosing the right business structure, and incorporating tax code benefits.

Custom Tax Planning from us has often resulted in:

• Optimized Financial Outcomes

• Improved Business Profitability

• Greater Awareness of Potential Tax Liabilities

• Simplified Tax Filing Processes

Looking to the Future: The Role of Custom Tax Planning

As we look towards the future, our dedication to custom tax planning is unwavering. According to a report by the National Small Business Association, 64% of small businesses reported spending more than $1,000 on the administration of federal taxes alone. Businesses, thus, stand to gain from strategic tax planning, an area where we plan to further deepen our expertise.

Final Thoughts

Tax planning need not be a universal puzzle for businesses and individuals. DeFreitas & Minsky LLP, with our unique approach to custom tax planning, strives to make this process as simple and advantageous as possible. We’re here to ensure that tax season isn’t a dreaded time of the year but an opportunity to optimize financial success through tailored tax tactics.

With our expertise, you can trust us to navigate the complex maze of tax laws, identifying and leveraging benefits aimed at minimizing your tax liabilities. From the solo entrepreneur to the seasoned corporation, our custom tax planning is adapted to your unique needs, arming you with a comprehensive strategy for success both today and in the future.