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As the old saying goes, "Only two things in life are certain--Death and Taxes". And as we all know, taxes are an ever changing and complex technical area. Almost every year "tax simplification" legislation makes its way before the legislature only to add more complexity to the law whenever it is passed. Additionally, many states, such as California, which are strapped for revenues and are continually seeking additional sources of income, look to tax legislation to solve their problems. These states are adding significant complexity to tax planning. Businesses as well as individuals of even modest means can no longer ignore tax strategies in their planning and wealth preservation. Even one of the most basic and fundamental tools, retirement benefit programs, must become an integral part of both business and personal tax planning processes. Without proper and adequate tax planning, thousands, if not millions, of dollars can be lost needlessly. At Biggs & Co. taxes and tax planning are an integral and essential part of the firm's services. Yes, we have a busy tax season preparing returns for our business and individual clients, but our tax season is really all year long. Putting numbers on a form for filing with the tax authorities is really just a formality. The real tax work is the "front end" part where we work with our clients to plan their income and develop strategies to minimize tax liabilities. Some of the areas of our experience, which are of particular note, involve corporate structures, including combinations of S-Corps, partnerships and C-Corps, estate planning and retirement benefit programs. We also work with our clients in multi-state, international tax and other complex areas. |