Tax planning for Tampa business owners and high earners
Tax preparation records what already happened. Planning changes what happens next. The time to lower a tax bill is before December 31, not in April.
Planning makes sense if
- Your business profit has grown past what a sole proprietorship handles well
- You owed a lot more in April than you expected
- You're self-employed and not sure what to set aside
- You're buying or selling a business or property
- You have equity compensation, a bonus or a large one-time gain
What planning covers
Entity structure
Whether an S corporation election would lower self-employment tax for your income level.
Owner pay
A reasonable salary and distribution mix for S corporation owners.
Retirement contributions
Solo 401(k), SEP-IRA and other plans that lower taxable income.
Estimated payments
Quarterly amounts set so there's no penalty and no surprise.
Timing
When to buy equipment, take income or realize gains.
What affects the price
- A one-time projection or a year-round planning engagement.
- Number of entities and income sources.
- Complexity of transactions like a sale or acquisition.
Every engagement starts with a flat quote, before any work begins.
Planning with no state income tax
Without a state income tax, Florida business owners keep more of each dollar than owners in most states, which makes the federal side the whole game. Self-employment tax, retirement contributions and entity structure are where the savings are. Owners who moved here from a high-tax state should also confirm they've fully left that state's tax system.
Common questions
Should my LLC elect S corporation status?
It depends on your profit and what you'd pay yourself as salary. A projection compares both ways before you file Form 2553.
When should I start planning?
As early in the year as possible. Many of the biggest moves have to happen before December 31.
Do I need planning if I already have a tax preparer?
Planning and preparation can be done by the same team, so the plan carries straight into the return.
How are estimated tax payments calculated?
From a projection of this year's income, with safe-harbor amounts based on last year's tax so you avoid underpayment penalties.
Related services
Areas we serve
Tax planning across Tampa and these nearby communities: