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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2023

Tax Planning Takes a Village

Business team meeting present, investor colleagues consultation and conference new strategy plan business and market growth on financial document graph report, Meeting and Talking.

A successful business requires planning, so when it comes to determining your business’s income taxes, tax planning can help make the most of deductions and potentially lower your tax bill. By assembling a team of tax, legal and financial professionals, you may be able to create tax strategies that can reduce what you owe.


Tax Planning Goals
The goal of tax planning is to find effective strategies that minimize risk and save your business money. It is important to the process to know how much you earn, the amount you typically owe in taxes and which of your business’s expenses are deductible. From there, you can define specific goals, such as preserving working capital, expanding your business’s capacity, etc.


Meet with Your Accountant
Meeting with the accountant who prepares and files tax paperwork for your business is a good place to begin developing a plan. Discuss whether your CPA has the resources and expertise to create a plan that can position your business to take advantage of all tax code benefits available to you. If your CPA is unable to do this, he or she may be able to recommend other professionals who can help you design a plan. An accountant who specializes in tax planning can work with you to protect assets and build wealth outside of your company.


Where Does Your Business Stand?
Organizing your records and ensuring they are up to date is an essential precursor to tax planning. Be certain you know your business’s current net profit and confirm that your administrative staff can provide your tax accountant with financial information, such as cash flow and reserves.


Include Your Financial Professional
Integrating your personal financial goals with your goals for your business can ensure that your tax planning strategy does double duty. Your financial professional will add another layer of knowledge to the process, since your financial plan already may include tax strategies that will complement your business tax planning.


Worth the Cost
The money you spend on tax planning should deliver savings that far outweigh the expense and offer a good return on your investment. A bonus: the cost is deductible as a business expense.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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