Tax Planning Strategies
The fastest way to put money in your pocket is to reduce your taxes with a tax strategy. Our creative tax planning strategies have one overriding objective – to increase your wealth.
What are tax planning strategies?
Taxes are the number one expense of any business or investor. A ProVision Tax Strategy ensures you pay taxes in the least amount allowed by law, regardless of your business or investment situation.
Tax planning strategies are designed to minimize your tax liabilities or cut your tax bill. These strategies may include taking advantage of tax deductions and tax credits, defer income, combining charitable contributions, required minimum distributions and advance tax strategies such as contributing to a retirement plan to reduce your taxable income.
Tax strategies can help in tax savings, avoiding tax penalties, maximizing available tax deductions and tax credits, and minimizing capital gain.
Lastly, we devise a custom and flexible entity structure in addition to a tax plan that will serve as the basis for tax savings for the rest of your life.
The proVision Advantage
How Do We Help?
On average, our clients reduce their taxes by 10-40%.* It’s not as hard as one might think. Especially, when you consider that 90% of the tax code is written to benefit entrepreneurs and investors. It’s about more than Tax Returns and Tax Planning… It’s a Plan of Action.
*When compared to the previous strategy of clients who have completed and implemented their ProVision Strategy. Individual results of a ProVision strategy vary. Nothing contained herein should be construed as a guarantee of ProVision Services.
Reporting Your Strategy
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Income Tax Strategy
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International Tax Strategy
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Tax Return Preparation
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Tax Consulting
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Estate Tax Planning
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Multi-state Tax Strategy
Phases of a Tax Strategy
Tax strategy advisors can help you prepare your tax return efficiently and correctly. Your tax strategist or tax strategy pro will help you figure out taxable or non-taxable payments and tax deductions you are eligible for and inform you of any increase in your standard deductions or any changes to your federal income tax bracket or federal income tax rate. Although Nevada does not charge any state income taxes, the United States has a progressive federal income tax system which means your tax rates will depend on your taxable incomes.
Phase #1
Find and Advisor
Evaluation of your current wealth situation and a new understanding of how to find the right advisor for you, even if it’s not us.
Phase #2
Design
Creation of a custom strategy and action plan to accelerate your path to financial freedom.
Phase #3
Implement
Coordination between your team of advisors to execute your strategy and achieve your vision.
Phase #4
Report
Maintaining corporate formalities, developing reports to show the progress of your strategy and identifying any needed changes.
Phase #5
Protect
Confidence that your assets are protected and your team is prepared to defend your strategy in a legal situation.
Our Work
Case Studies
Client: Executive
Salary: High six figures, low seven
Starting Tax Rate: ~36%
Strategy: Focused on spouse being a real estate professional, maximizing real estate deductions, and having a proper legal entity structure for his holdings
Overall: Reduced tax liability by ½ to 2/3 on sustained basis
Client: Realtor
Salary: Mid to high six-figures
Starting Tax Rate: ~30%
Strategy: Restructuring of legal entities, leverage real estate investments to create deductions against active income, and alternative investments that created passive income and tax benefits.
Overall: Client’s current tax rate dropped to low 20’s/high teens even though his income has doubled. Tax liability has stayed steady while income has increased considerably.
Client: Financial Advisor and Insurance Broker
Starting Tax Rate: ~40%
Strategy: Implemented strategies within entities to create additional deductions, plus finding alternative investments creating additional deductions.
Overall: Client’s effective tax rate dropped to mid 20s.