Tax Planning

Discover and learn about the various options that you have available to effectively lower your annual tax liability and potentially increase your financial savings.

Individual Tax Planning at Torino Accounting Goup

At Torino Accounting Group we tailor each client’s tax plan to fit their specific situation. We don’t use a boilerplate template and insert our client’s name. Tax planning requires a strategic approach that involves analyzing an individual’s financial and family situation. We use our deep understanding of applicable tax laws, deductions, credits, and available strategies to develop a custom plan from which our clients make informed decisions and choose the strategies they are comfortable with.

We don’t just consult with our clients in December. Effective tax planning involves year-end engagement to ensure our clients are taking proactive measures throughout the year, such as adjusting withholdings, funding retirement accounts, and considering the timing of income and expenses. This ensures that our clients are prepared for tax season and can capitalize on available benefits, ultimately leading to lower taxes, improved financial health, and increased savings.

Some questions each taxpayer should ask themselves:

  • How much are you currently paying in taxes?

  • What is your effective tax rate?

  • What are you currently doing to reduce your income tax liability?

  • How much tax is too much tax?

Too many taxpayers don’t know their effective tax rate, their marginal tax rate, or how much they paid last year in income taxes. At Torino Accounting Group, we believe educating our clients on their current tax situation is the best first step toward developing a comprehensive tax plan that can potentially help them keep more of what they earn. To start we offer a complimentary discovery call with our clients. We review your prior year's tax returns, take time to understand your situation, and identify potential strategies to help reduce your tax liability.

Business Tax Planning at Torino Accounting Group

At Torino Accounting Group, we understand that corporate tax planning is not a one-size-fits-all process. Each business has unique entity structures, financial situations, and challenges, which is why we develop custom strategies for every client. We take a strategic approach, diving deep into your business’s financial structure, operations, and industry-specific opportunities to craft a tax plan designed to maximize tax savings and drive growth.

Corporate tax planning is an ongoing process, not a one-time consultation. We work with our clients throughout the year to identify opportunities to reduce tax liabilities while aligning with their broader business objectives. This includes strategies such as optimizing depreciation, leveraging available credits, planning for capital investments, and considering the timing of income and deductions. By staying proactive, we ensure your business remains agile in responding to tax law changes while keeping your overall financial health in focus.

Some Key Questions for Corporate Tax Planning:

  • How much of your revenue is going toward taxes, and how can this be reduced?

  • Are you taking full advantage of available tax credits, such as R&D credits or energy incentives?

  • Are your business operations structured to minimize tax liability?

  • How are changes in tax law impacting your business, and are you adapting effectively?

At Torino Accounting Group, we work with S-Corporations, Partnerships, C-Corporations, and Sole Proprietorships. Our process starts with a complimentary discovery session, where we review prior-year tax returns, gain a comprehensive understanding of your operations, and identify opportunities for improvement.

Our goal is simple: to provide your business with actionable strategies to lower taxes, improve cash flow, and reinvest in your success. Partner with Torino Accounting Group, and let us help your business navigate the complexities of corporate taxes with confidence and clarity.

“Many people believe that where taxes are concerned, they are victims, held hostage by an inevitable process that allows them no input, no control. This passive approach becomes something of a self-fulfilling prophecy; where people believe that they lack control, they seldom try to assert control.”

— Richard Carlson