If you run your own business, you rely on information and insight.
Information is defined as definite knowledge acquired or supplied about something or somebody; or, gathered facts; the collected facts and data about a specific subject.
Insight is defined as the ability to see clearly and intuitively into the nature of a complex person, situation, or subject; or, a clear or deep perception of something.
Information and insight help you make money. And information and insight help you keep money.
At TFL Worldwide, we focus on educating business owners. That means going beyond mere information to give you real insights into making more and keeping more. This process starts with the Business Checkup.
What is a Business Checkup?
It is an analysis that will provide you valuable insights into two key aspects of your business - financial and relational.
On the financial side, we provide you with a Proactive Tax Plan to minimize your taxes. You need concepts and strategies that leave more on your bottom line without raising red flags or straying into gray areas. The tax laws are written to favor people who make money through business and investments.
Are you concerned that tax planning necessarily means...
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using aggressive strategies?
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pushing into gray areas?
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crossing lines from legitimate tax avoidance to illegal tax evasion?
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red flagging your tax return for an audit?
"Aggressive" tax planning means pushing limits—stretching deductions, stretching definitions, and pushing into gray areas. Like defining your teenage daughter's summer barbecue as a "client appreciation event" hoping the IRS doesn't question the 100% deduction. Some people want this sort of service. They think if they don't get audited, you're not trying hard enough. If that's really what they want, that's fine.
But that is NOT the type of tax planning that we provide.
Proactive tax planning is not aggressive tax planning. It is nothing of the sort. Actually, proactive tax planning is the opposite of aggressive tax planning.
Proactive tax planning is...
If you can't support a deduction with similar circumstances from another previously upheld tax law case or tax law case analysis, then do not take it.
Merriam-Webster.com defines PROACTIVE
1. [1pro-] : relating to, caused by, or being interference between previous learning and the recall or performance of later learning <proactive inhibition of memory>
2. [2pro- + reactive] : acting in anticipation of future problems, needs, or changes
Synonyms: farseeing, farsighted, forehanded, foreseeing, forethoughtful, forward, forward-looking, prescient, foresighted, provident, visionary
Antonyms: half-baked, half-cocked, improvident, myopic, shortsighted
Related Words: careful, cautious, heedful, discerning, insightful, perceptive, percipient, prudent, sagacious, sage, sapient, wise
Near Antonyms: careless, heedless, incautious
Proactive tax planning means that we carefully scour your circumstances to find every possible black-letter deduction. We give you an insightful and discerning plan full of court-tested, IRS-approved and prudent strategies for minimizing your taxes. And farsighted planning before year end is the key to beating the IRS - legally! A wise man digs his well before he is thirsty!! We don’t just mention an idea you might explore, we give you the tax courts' opinion of that idea.
Why Planning
What does the tax court say about tax planning?
"There is nothing wrong with a strategy to avoid the payment of taxes. The Internal Revenue Code doesn't prevent that."
William H. Rehnquist, Chief Justice of the United States Supreme Court
"The law also recognizes that a taxpayer may structure a transaction in a manner that minimizes the tax consequences."
Gregory v. Helverinq, (Supreme Court 1935)
"A tax avoidance purpose or motive does not vitiate [i.e. make faulty or defective] a transaction."
Granite Trust Co. v. United States, (1st Cir. 1956)
"A taxpayer's subjective intent to avoid taxes ...will not by itself determine whether there was a business purpose to a transaction."
IES Industries v. United States, (8th Cir. 2001)
"The court referred to Estate of Strangi v. Commissioner, Knight v. Commissioner, Pasternak v. Commissioner, and Vanderschraaf v. Commissioner, by saying In each case, the issue is whether there was a legitimate business purpose for what the parties did, not whether they may also have had a tax motive for doing it."
Boca Investerings Partnership v.U.S., (DC District Cir. 2001)
Tax Planning versus Tax Preparation
Tax planning is not tax preparation!
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A tax preparer is someone who prepares taxes by plugging numbers into the proper blanks after the fact - simply recording history. It doesn't matter how good your current accountant is with a stack of receipts on April 15. If you haven't planned right, as in by December 31, it is most likely too late for that year.
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A tax planner is someone who meets with you ahead of time to develop strategies to alleviate unnecessary tax. He is someone with the experience and more important, the proactive attitude, to give you more than just a history lesson. He takes a holistic view to your tax situation and asks lots of questions. He makes sure you are taking advantage of all the legitimate deductions, credits, loopholes, and strategies the tax code offers.
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A tax preparer is someone whose service model is based upon after-the-fact preparation assistance. Too often, that means outdated information, nasty surprises on April 15, and no feeling of control.
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A tax planner is someone who gives valuable ongoing coaching and proactive solutions. He allows you to have and enjoy the total confidence of knowing you pay the least amount of tax possible while you work to achieve your dreams.
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A tax preparer usually offers the same old solutions, year after year. That means paying too much tax!
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A tax planner gives you customized strategies. You profit from personalized solutions for your situation that reduce your tax.
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A tax preparer offers an important but often incomplete annual compliance service designed to fit most of the circumstances of the masses.
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A tax preparer gives you flexible planning, researched and supported by the internal revenue code and upheld by the tax courts. You enjoy complete certainty that you’re making the right decisions for your business.
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A tax preparer offers you a "see you next year" service, with limited contacts except at tax time. With additional fees for every phone call or email answered.
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A tax planner offers you ongoing support. That means year-round contact, support, direction, and accountability as part of the proactive tax plan engagement.
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A tax preparer charges you fees based upon how much time spent regardless of the outcome of the return.
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A tax planner is compensated based upon the value received of the services rendered. If they don't save you money, they don't expect to get paid. That's called ROI, return on investment.
On the relational side, we provide you with DISC personality assessments for you and key members of your management team. As the leader of your business, you need to be aware that there is a pattern to human behavior. To be a successful leader, you need to recognize the pattern in yourself and others.
"The most important single ingredient in the formula of success is knowing how to get along with people."
-Theodore Roosevelt
The benefits to you as a business owner are...
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Better communication with the people you lead
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Greater understanding of how to inspire others
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Insights into how others may perceive your words and actions
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Better understanding of how others may respond to you
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Less conflict
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Assessing roles and responsibilities
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Managing time more effectively
We partner with business owners throughout the Southeast. We have the information -- and more important, the insight -- to give you more than just a history lesson.
Call us today to schedule your Business Checkup. You will learn how to take better advantage of the information you already have to manage your business and minimize your taxes. We guarantee that you will leave with new insights into your business. You have nothing to lose, but opportunity.
