Tax Planning, Consulting, and Compliance
Proactive Tax Planning Key to a Company’s Strategic Planning
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At every point of contact we felt Hoyman Dobson team members were very thorough on each project. They went above and beyond to make sure the tax returns were completed on time while minimizing our tax liability. In addition, they are very friendly and always just a call away, which makes my job so much easier!
Mitzie Norman, Accounting Manager
How can Hoyman Dobson help:
Services provided by: Barbara Oswalt, CPA, Tax & Business Valuations Director.
There is more to tax than “tax time”, “tax return” or tax filing deadlines.
It is about planning, researching, and identifying your best opportunities. It is about taking advantage of the current tax laws and tax credits. It is about your money and your company’s money. No wonder tax planning strategies play an important role in a company’s overall business planning.
So how do you approach your company’s tax planning?
Start early. If you want to minimize your tax bill, be proactive and start planning early in the year. Timely action can nail down a host of tax breaks. Also, it will help you be proactive in gathering supporting documentation – a critical time saver down the road and an essential undertaking to make the most of the available tax deductions and credits.
As you develop your tax plan with your accountant, below are some questions you should ask yourself and bring to your accountant’s attention. Your answers will determine which tax strategies you need to use to take full advantage of the current tax laws.
Company structure. Is your company structured to minimize taxes? Are you thinking about starting a new business? How should you structure your new business?
Significant purchases & improvements: is your business planning on purchasing equipment, making major improvements to the current office buildings, or buying a new building?
- If you are thinking about building a new facility, purchasing or renovating an existing building, cost segregation studies should be at or near the top of your list.
Major transactions. In the upcoming year is your company considering going through some major transactions, such as mergers or acquisitions? If so, consider the tax consequences as you plan those transactions. The tax ramifications can greatly impact the outcome of the deal. Make sure to consider the tax issues and their implications.
New products development. If your company is developing new products or is in the process of improving its existing products, consider taking advantage of this federal tax credit: research and experimentation tax credit studies.
Deductions and Write-offs. Review with your accountant your company’s current deductions and write-offs strategies, such as writing off company assets, claiming additional depreciation, and charitable contribution deductions. You may want to consider sponsoring a retirement plan. A review may help you identify new tax savings strategies.
Proactive business tax planning will enable you and your company to make the most of the current tax laws. Proactive business tax planning means potentially less tax liability, more tax credits, and a positive impact on your company’s bottom line. Be proactive and tax smart.
Information you can use from Florida Department of Revenue
- Tax Advantages for Businesses:
Quick read onSales and Use Tax, easy to follow outline on
- New or expanding business
- Machinery and equipment to produce electricity or steam
- Pollution control machinery and equipment
- Semiconductor, defense or space technology
- Research or development costs
- Electricity or steam purchased for manufacturing
- Boiler fuels
- Resource recovery equipment (refund)
- Solar energy systems
- Florida's Enterprise Zone program (jobs credit, business property, electrical energy, and building materials used)
- Film in Florida
- Sales and use tax incentives, including Manufacturing and Spaceport Investment Incentive Program
Quick outline about Corporate Income Tax credits:
- Related to jobs:
- Jobs for the unemployed tax credit
- Enterprise Zone jobs credit
- Rural job tax credit
- Urban high-crime area job tax credit
- Subtraction for Florida employees included in calculation of Federal employment credits
- Enterprise Zone property tax credit
- Related to investment in Florida:
- Entertainment industry tax credit
- New markets tax credit
- Capital investment tax credit
- Credit for contributions to nonprofit scholarship funding organizations
- Community contribution tax credit
- State housing tax credit
- Contaminated site rehabilitation tax credit
- Hazardous waste facility tax credit
- And more
- IRS – Information for businesses
- CCH Business Owner’s Toolkit