Las Vegas Tax Planning - Business Audit
One of the things my Las Vegas clients ask me often is, "How can you help me more with my tax planning?", and I think the best answer to that is "I need to talk to you". Whoever your Las Vegas CPA is, if you let them know what you're doing before March of the next year, they can often do a lot of things with entity structure, or just planning the deal to make it more tax efficient. Communication is the key with Las Vegas tax planning, but if you only talk to your CPA once a year, in March, you're missing the boat, and he or she isn't able to help you as much as they could.
For example: I had a client come to me once that was doing a land deal; they owned some land and they were going to build a building on it. And by talking with us, and letting us understand their particular tax situation, we were able to structure another entity, take the advantages between a partnership and a corporation, and capture most of that gain as long-term capital gain, instead of all as ordinary income. But it's one of those things that we couldn't have done if they had started construction and talked to us after the fact.
Make sure that your CPA understands your business and tax situation as early as possible. Give them any information that they might be able to use during the tax planning process, and make sure your Las Vegas accountant really gets to know your and your business.
One of the things that I love about talking with my business audit clients in Las Vegas is helping them to find their story. Everybody has a reason to do what they do. You didn't start off one day and decide to start a Las Vegas grocery store. It was in your blood; your dad did it, your uncle did it, your mom did it, or you were a stock clerk and loved the business. Whatever it was, you're passionate about whatever it is you chose to do, and I love find the root of that passion for my clients, and helping them re-discover what is was that made them love their job when they started before we help them with their business audit.
Often times, as businesses grow, they become harder to run. You have employees and levels of management and it's a long way from you in the CEO suite down to the person, the little old lady that used to come by and buy produce from you (in my grocery example). So by helping clients identify what they're passionate about, we can try to structure their business back to the activities that give them the most happiness. That's an exciting thing that any business owner should keep in mind: "What are you passionate about?". Try to find a way to do that in what you do every day. Your Las Vegas business should be more than finances, taxes, an audits - find your passion.
One of the biggest concerns that we have with our Las Vegas business consulting clients is, "How do I succession plan for my business?". In other words, 'How does the business owner build his business, grow it to a substantial size, and either have his children take over the business, have key employees take over the business, or just sell it to a third party?'. Business consulting in Las Vegas in an important first step, because typically it takes from 5 - 10 years to be able to transition the management, the style, and the culture that you developed in your business, as well as to make sure that the next generation wants to participate in the business in that way, or that there are key employees that have been trained and nurtured to operate the business and that they have been given sufficient control prior to you wanting to retire or transition out of the business completely.
Often times in Las Vegas it does take the management and the owner a few years where they may work closely with that replacement party (whether it by a child, or an employee, or even a third party). So they may have an employment contract for 2 or 3 years subsequent to the actual sale of the business. A successful business consulting plan is important because it provides for the continuing of the business, it allows the employees to feel secure and safe - that they have a job that will last for many many years, and it also allows the owner to feel good about the methods that he has used in preparing his business to meet the demands of the future.
For example: I had a client come to me once that was doing a land deal; they owned some land and they were going to build a building on it. And by talking with us, and letting us understand their particular tax situation, we were able to structure another entity, take the advantages between a partnership and a corporation, and capture most of that gain as long-term capital gain, instead of all as ordinary income. But it's one of those things that we couldn't have done if they had started construction and talked to us after the fact.
Make sure that your CPA understands your business and tax situation as early as possible. Give them any information that they might be able to use during the tax planning process, and make sure your Las Vegas accountant really gets to know your and your business.
One of the things that I love about talking with my business audit clients in Las Vegas is helping them to find their story. Everybody has a reason to do what they do. You didn't start off one day and decide to start a Las Vegas grocery store. It was in your blood; your dad did it, your uncle did it, your mom did it, or you were a stock clerk and loved the business. Whatever it was, you're passionate about whatever it is you chose to do, and I love find the root of that passion for my clients, and helping them re-discover what is was that made them love their job when they started before we help them with their business audit.
Often times, as businesses grow, they become harder to run. You have employees and levels of management and it's a long way from you in the CEO suite down to the person, the little old lady that used to come by and buy produce from you (in my grocery example). So by helping clients identify what they're passionate about, we can try to structure their business back to the activities that give them the most happiness. That's an exciting thing that any business owner should keep in mind: "What are you passionate about?". Try to find a way to do that in what you do every day. Your Las Vegas business should be more than finances, taxes, an audits - find your passion.
One of the biggest concerns that we have with our Las Vegas business consulting clients is, "How do I succession plan for my business?". In other words, 'How does the business owner build his business, grow it to a substantial size, and either have his children take over the business, have key employees take over the business, or just sell it to a third party?'. Business consulting in Las Vegas in an important first step, because typically it takes from 5 - 10 years to be able to transition the management, the style, and the culture that you developed in your business, as well as to make sure that the next generation wants to participate in the business in that way, or that there are key employees that have been trained and nurtured to operate the business and that they have been given sufficient control prior to you wanting to retire or transition out of the business completely.
Often times in Las Vegas it does take the management and the owner a few years where they may work closely with that replacement party (whether it by a child, or an employee, or even a third party). So they may have an employment contract for 2 or 3 years subsequent to the actual sale of the business. A successful business consulting plan is important because it provides for the continuing of the business, it allows the employees to feel secure and safe - that they have a job that will last for many many years, and it also allows the owner to feel good about the methods that he has used in preparing his business to meet the demands of the future.
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