As professional accountants, there are several strategies that we use to ensure savings wherever possible. Our tax planning services always result in your financial gains or at least financial relief.  

Some of the areas where you can reduce tax liabilities are capital gains tax, personal taxes, business taxes, inheritance taxes, and specialist taxes. Here are some examples:

1. Capital gains tax – To save on capital gains tax, you can consider holding onto assets for a longer period of time, as the tax rate on long-term capital gains is typically lower than the rate on short-term capital gains. You can also claim a personal allowance on capital gains tax, which is a set amount that can be deducted from the total amount of capital gains before tax is calculated.

1. Personal taxes – To save on personal taxes, you can take advantage of tax credits and deductions, such as the mortgage interest deduction and the charitable donations deduction. You can also contribute to tax-advantaged retirement accounts, such as 401(k)s and IRAs, which can reduce taxable income and provide a tax break.

1. Business taxes – As a professional, you may operate your own business or be self-employed. To save on business taxes, you can take advantage of tax credits and deductions that are available to your business, such as the research and development tax credit and the small business health care tax credit. You can also consider restructuring your business in a way that minimizes your tax liabilities, such as by forming a corporation or partnership instead of operating as a sole proprietorship.

1. Inheritance taxes – To save on inheritance tax, you can use estate planning strategies, such as setting up a trust or transferring assets to a spouse or other qualified beneficiary. You can also take advantage of the inheritance tax exemptions and thresholds that are in place, which can reduce the amount of tax that is owed.

• Specialist taxes – Depending on your profession, you may be subject to specialist taxes, such as value-added tax (VAT) or excise duties. To save on these taxes, you can carefully plan your financial affairs and effectively leverage possible tax reliefs.  

It goes without saying that navigating through any of the above applications all by yourself is extremely hard and outright impractical. Instead of slogging through any of those applications, you can let us, the professional tax planners handle the financial complexities while you can focus on more important tasks.