Tax Planning
RTFS LLC and Dr. Rastogi are experienced in tax planning to reduce taxes and increase profits for small business owners. Dr. Rastogi follows all guidelines of IRS’s internal revenue codes and finds the deductions which are best suitable for tax preparation of an individual client’s personal and business income taxes. It is important for a client to reduce taxes by intelligent planning to defer taxes to the later part of the years when individuals earned income shall be minimum.
Dr. Rastogi takes a comprehensive approach in tax preparation for a client which may include bookkeeping, payroll preparation, financial planning, and business savings. Tax planning should start from the formation of the right entity of business for achieving maximum tax deductions for individual client’s long and short financial goals. This should be an integral part of tax savings.
Once a client forms a business entity next step a client must take is to have proper bookkeeping to record and categorize all transactions. Dr. Rastogi can help his clients in the bookkeeping area. Tax planning may also involve the preparation and paying of proper payroll taxes in time to federal, state, and local authorities. RTFS’s staff have been involved in preparing and filing all payroll and payroll taxes for years and helping clients in achieving this important part of the business.
Financial planning for a client is the next step in tax planning. Financial Planning may involve investment planning, retirement planning, education savings planning, estate planning, and insurance planning. All these may have a direct or indirect impact on tax planning for personal and business income tax preparation. There are many choices for a client to choose and save funds under retirement planning. In most of the plans growth in retirement funds is nontaxable until withdrawn or distribution is taken from the retirement funds. Similarly, gain in funds of education savings accounts are nontaxable and also not taxed if withdrawn for the education. Dr. Rastogi can help clients in financial planning.
