Efficient Wealth Management Through Tax Planning Services
Payment of taxes is one of the aspects of wealth building. Irrespective of being an individual, a
corporate sector or a small and medium sized business establishment, all are bound to pay their
taxes as per the laws prevalent in the country. However, with globalization paving way for business
operations to go beyond the geographical boundaries, both individuals and corporate houses use
fraudulent routes and tend to evade tax payment in certain countries.
Governments on the other hand, to ensure that corporate entities and individuals with a widespread
business across international borders, comply with the government tax regulations, tends to extract
information of the Foreign Bank Account. The details so availed from FBAR helps these officials to
trace the undisclosed offshore accounts. Even as tax evasion is an offense, tax planning works out
beneficial for the financial success of every business.
Tax planning helps both individuals and corporates to determine ways and means for reducing and
eliminating tax liabilities on them. Successful businessman, consider good tax advice as a valuable
commodity and considers this as an ongoing process of their business operations. Nevertheless,
the small and medium enterprises ignores the importance of planning their taxes. Tax planning is
a process that provides organizations and individuals various options of conducting business and
personal transactions and in order to reduce or even eliminate tax liability.
Effective tax planning provides organizations with efficient tax saving strategies that facilitates
to go beyond tax compliance and after tax-income levels. Tax planning services offered by tax
consultants and finance managers will help the corporate sectors and business enterprises
to plan their finances, calculate taxes, file their business tax returns while ensuring financial
growth for the organization. However, as tax laws remain the same irrespective of the size of the
organizations, strategic tax planning helps organization with manageable tax bills, whereas advance
tax planning services will help organizations understand the tax regulations, legal technicalities and
interpretations and facilitate in using these for organizational benefit.
In case of the domestic corporates with individuals, estates or trust as their shareholders, the
burden of loss is shared by the shareholders too. These corporations that pay their taxes
through their shareholders are referred to as S-corporation. However, tax planning services for
the S-corporations unlike the others, ensures that these corporations are taxed only once at
the shareholder level alone. Effective tax planning services is thus the cornerstone of wealth
management, with attorneys and tax professionals chipping in to help their clientele in managing
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