Being prepared for personal or business taxation issues requires thorough planning, an understanding of tax law and the expertise to react accordingly. Far more than just preparing annual returns, tax planning includes ways to decrease tax expense while adhering to all tax laws and requirements. In order to be fully prepared to address any tax situation, it is important to work with a firm that provides tax services across multiple disciplines.
The Tax Services team at Smolin stays informed about changes to tax laws in all the states and at the federal level. Through a working knowledge of the needs of your organization, we provide expert tax advice and planning methods that allow your organization to minimize tax expense. We are able to provide a number of tax services including:
Business Tax Planning
To prepare for taxes and changes in regulations, it is important to have knowledge of tax laws and proposed changes to those laws. Business tax planning is more than making adjustments in order to adhere to current laws, it also includes anticipating changes to tax law and reacting to those changes.
Our tax experts meet with each of our clients to have a thorough understanding of their organizations. This knowledge allows our team to provide customized tax solutions that reflect the specific needs of your company.
Cost Segregation Studies
Accounting for depreciation is one of the most complicated tax issues. Not only does capital expenditure affect your business’s financials, but also how taxes are calculated. Therefore, it is important to properly classify your company’s assets.
The cost segregation studies provided by our tax planners analyze each component of real estate. Once the proper asset type is determined, the asset can be properly depreciated on your financials and tax returns. The goal is to improve cash flows and take advantage of New Jersey and federal laws that view personal property and real property differently.
Employee Benefit Plans
Employee benefit plans are a way to attract and retain talent. More than just a benefit to employees, benefit plans have a number of requirements to ensure compliance both in the state of New Jersey and federally. To ensure your business is fully compliant, it is important to work with professionals who are fully versed in state and federal tax law.
The Smolin tax services team has years of experience in the planning, execution and support of employee benefit plans. Our team can review existing plans and recommend appropriate changes.
For many organizations, labor costs, including benefits, are the company’s largest expense. Compensation planning is much more than deciding how much employees will be paid; it also includes retirement plans, perks and executive compensation.
Retirement plans are a great way to retain talent and to help them to accumulate wealth. There are a number of federal requirements that dictate how plans must be organized, accounted for and communicated to employees. Failing to follow these steps correctly can result in fines and fees from the government. It is important to work with a professional planner to ensure your business is complaint.
Personal Estate Tax Planning
Taxes are one of the biggest expenses an estate can have and can dramatically reduce the amount of wealth you are able to pass on. However, by preparing for estate taxes ahead of time, there are a number of ways to minimize tax expense in order to protect your hard earned wealth.
A qualified tax planner can look at your specific situation and provide a number of suggestions on the best way to protect your wealth and avoid unnecessary payments to the government.
Many people inaccurately believe that taxes are just a part of life and cannot be avoided or minimized. However, this is not the case. There are a number of ways, such as using trusts, transferring business assets and giving gifts, that allow you to pass on wealth to future generations while protecting your assets from undue taxation.
A professional estate tax planner can provide you with a tax plan that is personalized to your specific needs.
Payroll Tax Service
Regardless of size, businesses of all sizes must account for, and remit payroll taxes to New Jersey and the IRS. The regulations regarding taxes are ever evolving and it can be difficult to keep track of the changes and implement them accurately. Our tax experts stay abreast of all proposed and enacted changes to tax law in order to provide our clients with the support they need. The Smolin team can handle the calculation of payroll taxes and preparation of the required forms to allow you and your employees to focus on other, more important, business issues.
Determining a business value is important for a number of reasons including obtaining financing, passing down wealth, selling the business and filing taxes. Therefore, it is important that your business is valued accurately and in a way that can be supported by the business environment and your company’s financials.
The Smolin team will take time to understand your organization, your accounting methods, your income and future in order to form an accurate business valuation.
Inventory System Tax Planning
For businesses that carry large amounts of inventory, managing that inventory is important to the company’s operations and bottom line. Inventory management is an important way of maintaining cash flows while not incurring undue expenses. Our team of experts work with our clients to ensure they have the best inventory systems in place in order to meet their customer’s needs. We deliver customized solutions that help with the day-to-day management of inventory and accounting for that inventory for tax purposes.
Additional Tax Services
As your business wealth and personal wealth increases, the complexity of your tax needs change as well. Having a tax planner allows you to make changes based on your future tax needs in order to be fully prepared. It is important to select a tax planner who is not only able to address your current tax needs, but also the more complicated tax needs in your future. With years of experience, the tax services team at Smolin can provide tax solutions that grow with you.