HONOLULU TAX PLANNING for OAHU Businesses by DIAMOND HEAD Tax Group Professionals OAHU - ☎️ 808-468-8041

Updated: Sep 29

HONOLULU Tax Advisory and Tax Planning Services Diamond Head Tax Group OAHU Certified Tax Consultant Professionals for Oahu Island Businesses Call: 808-468-8041 — **Trusted Tax Planning & Preparation for Honolulu Businesses** **at Diamond Head Tax Group - ☎️ 808-468-8041**

TAX PLANNING PROPOSAL

A proactive TAX ADVISORY and TAX PLANNING strategy HELPS MINIMIZE or ELIMINATE TAXES while staying FULLY COMPLIANT with FEDERAL, STATE, and LOCAL LAWS.

This approach includes EVALUATING DEDUCTIONS, OPTIMIZING LEGAL ENTITY STRUCTURES, REVIEWING RETIREMENT and INSURANCE OPTIONS, IDENTIFYING OPPORTUNITIES through AVAILABLE LOOPHOLES, and ACCOUNTING for key legislation such as the TCJA, FFCRA, and CARES Act.

It also leverages advanced tactics and industry-specific methods to maximize financial efficiency.

PLANNING vs. PREPARATION

There is a difference between REACTIVE PREPARATION, which focuses on the past, and PROACTIVE PLANNING which looks toward the future.

Tax Planning Services:

The procedure of EXAMINING AN INDIVIDUAL'S LIFE, BUSINESS, and REGULATORY OBLIGATIONS to lawfully minimize taxes.

Tax Preparation Services:

The procedure of ANALYZING THE YEAR'S FINANCIAL OUTCOMES and COMPLETING TAX RETURNS for submission to the IRS.

CATEGORIES OF TAX PLANNING STRATEGIES

We will examine various strategies and their combinations. Below are some of the categories we will evaluate.

Deductions
Legal Entity Design
Retirement
Tax Cuts & Jobs Act (TCJA)
Insurance & Asset Protection
Niche Specific Strategies
Advanced Strategies
International
Exit & Capital Gains

STAGES OF TAX PLANNING

TAX PLANNING begins with a STRATEGY, which must be LEGALLY EXECUTED, SUSTAINED, and ACCURATELY REPRESENTED in the tax return.

PLANNING

Planning is the CRUCIAL ASPECT of our engagement. We are REVIEWING YOUR TAX SITUATION and PROVIDING RECOMMENDATIONS on how much you can save through proactive tax planning strategies. While some savings might be from previous years, the majority will occur in the current year and in the future.

IMPLEMENTATION

After finalizing the tax plan, we will offer you between 1 and 25 or more strategies, depending on the situation. Some strategies are STRAIGHTFORWARD and REQUIRES MINIMAL EFFORT, while others might be complex and involve third parties. We will assist you throughout the entire process.

QUARTERLY

ENSURING COMPLIANCE to make savings defensible and reflected in returns is the final step in tax planning. If we choose to COLLABORATE QUARTERLY, this involves BASIX TAX PLANNING, IMPLEMENTING BASIC STRATEGIES, and REVIEWING FINANCIAL RESULTS to make accurate estimated payments.

PREPARATION

The preparation of the returns is the LAST STAGE OF THE PROCESS. At this point, we can actually CALCULATE what your FINAL TAX PAYMENT will be and compare it to what you would have paid without doing proactive tax planning. The preparation DOES NOT COVER MONTHLY ACCOUNTING, CLEAN UP, or CLOSING THE BOOKS.

NEXT STEPS IN THE PLANNING PROCESS

Although effective tax planning begins with a clear strategy, it must be supported by professional Tax Advisory services from DIAMOND HEAD TAX GROUP OAHU, executed legally by our consultants, sustained over time, and accurately represented in the tax return.

KICK OFF CALL

We’ll arrange a kickoff call to discuss the ENGAGEMENT and IDENTIFY THE INFORMATION REQUIRED for our Tax Advisory and tax planning services. This call will take about 45 minutes and can be conducted remotely.

FIRE REQUEST, QUESTIONNAIRES

In order for us to provide a thorough Tax Advisory review and complete Tax Planning analysis, we will SEND YOU A DETAILED REQUEST LIST of tax and other financial information. Additionally, we'll need you to COMPLETE A QUESTIONNAIRE to help us identify potential savings opportunities.

FINALIZE TAX PLAN

Once we have gathered all the necessary information and conducted our research, we will present our TAX ADVISOR and TAX PLANNING STRATEGIES to you, along with the detailed implementation process for each one. This presentation will also include source references to support all of the tax planning strategies we recommend.

FREQUENTLY ASKED QUESTIONS (FAQ)

Q1: What strategies do you cover?

We encompass hundreds of strategies when you take into account strategies and their combinations, including deductions, legal entities, retirement, insurance, loopholes, new legislation like TCJA, FFCRA, CARES, as well as advanced and niche strategies.

Q2: Are you a CPA?

No, most CPAs focus on tax preparation rather than planning. You can continue with your current preparer or collaborate with us to ensure the plan's savings are achieved. Our team includes CPAs, attorneys, and tax advisors who review and implement our tax plans.

Q3: Why doesn't my current accountant know this?

Many accountants tend to focus on compliance, react to situations, and analyze past data. In contrast, we are proactive, forward-thinking, and future-focused in our planning. This approach represents a fundamentally different mindset, service offering, and outcome that we deliver to our clients.

Q4: How do you come up with an estimated savings?

Before entering into a formal tax planning relationship, we collect some preliminary information from our discussions about income, projections, legal structure, and current planning. This allows us to estimate potential savings, which will be finalized after we complete a tax plan.

Q5: Is this the only tax plan I'll ever need

Ideally not. As your income reaches new heights, you'll require a different set of planning strategies. Although it's not common, the most successful clients require annual tax planning. However, if the business remains largely unchanged from one year to the next, we might not need a new tax plan for several years.

Q6: Are there any other costs of the plan?

Opting to implement specific retirement, insurance, or legal structures might incur additional fees or costs related to the execution of these strategies.

Q7: Can you guarantee these savings?

We cannot ensure any savings. Tax planning is inherently forward-looking and relies on projected income and expenses. Any changes in these income and expense figures will affect the savings.

Q8: Can I keep my current tax preparer?

Certainly, many of our clients continue with their existing tax preparer. However, if you decide to have us handle your tax preparation, we can accommodate that too.