Tax Planning

Elevate is not your typical tax firm. We sit on your side of the table, allowing you to bring our tax expertise to your clients as needed—without any sales pressure. We can also serve as your firm’s in-house tax advisor, allowing you to streamline your tax and accounting needs. Our team of CPAs, advisors, and accountants gives you a deeper bench of knowledge than a single in-house tax expert could provide. Our goal is to make you more valuable to your clients.

Why is tax planning so important?

At a minimum, having an idea of tax amounts coming due can help to ease anxiety around taxes. Falling behind can ultimately lead to issues, especially when encountering bumps in the road like a downturn in the market.

Engaging in “tax planning” after the year has ended, after a transaction has taken place, or after the receipt of a tax bill is ineffective. In fact, many tax cases involve scenarios where taxpayers tried to recharacterize the structure of a transaction after the fact.

Proper tax planning begins with knowing your numbers. Tax planning without an understanding of your firm’s financials is akin to setting a savings target without knowing your client’s income.

Can tax planning help you minimize tax on a transaction?

Generally, a taxpayer can structure a transaction to minimize taxes and it will be respected. For example, significant tax differences can exist between a redemption and cross sale of an interest in an entity. Although the effect on ownership may be the same, the tax consequences may be very different.

How can Elevate help?

As your in-house CPA, we’re here to support you, your firm, and your clients with tax planning services. Our tailored solutions can be scaled up or down to your needs, giving you the ability to add value to key client relationships.