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Tax Planning – Show Notes & More
Paying tax is the result of profit. If you’re expecting to pay tax, it means you’re making money. That’s a good thing. That said, with tax planning, focusing on reinvestment and expansion comes with some tax advantages.
Tax planning by definition is smart, but let’s revisit tax planning and start thinking of it as a part of a bigger picture. If you don’t intend to grow you will pay your fair share of tax, it can’t be avoided. But if you are looking to grow, expand, reinvest then the by-product of this often results in a reduction of taxes.
3 Things to Consider When Planning Your Tax
1. Think ‘What do I want out of all this?’ If the answer is cash, then there aren’t many tax advantages. If the answer is expansion, then we have options.
2. Consider how long is it going to take to achieve what you want. Tax planning is almost always impacted by thresholds, meaning that sometimes the plan will need to be spread out of multiple years.
3. Who can you trust to help you understand what your obligations are? Tax planning can in some cases be perceived as tax avoidance, now that’s illegal so make sure you’re getting the right advice.
If you would like to learn more on how on planning your tax successfully, contact us below and we can arrange a meeting.
Nate Kellock is a renowned creator of engaging audio/visual programs. His reassuring persona and ability to create thought-provoking content results in a spontaneous and unique show for viewers and listeners alike.
As the host of numerous podcasts, videos and live events, Nate carefully crafts an array of compelling content through his extensive experience within the entertainment industry and knowledge of current industry trends.