Our approach to tax planning is not merely to minimize a client’s payment of income tax for one tax period. This applies to individuals and business and many times the combined income tax of the individual and businesses they own.
Minimizing the tax from one year can result in a higher effective tax rate for subsequent years resulting in an overall higher present value of the income tax over future years. We consider the present value of the income tax liabilities in conjunction with cash flow.
The tax compliance services we provide include:
- Goods & Service Tax filings
- Annual filing requirements
- Estimated tax calculations
- TDS returns
Tax planning is unique based on each client’s circumstances, goals and objectives. Evaluation of alternatives that have different impacts on tax and timing of events play an important part in the design a tax plan. A tax plan should be reviewed to ensure that the plan is applicable considering changes in circumstances and goals. We have all seen the changes in tax laws over the years which sometimes requires modifying a tax plan in later years.