Accounting Services
HFH Accountants has extensive experience. We offer full services to corporations, partnerships, individuals, trusts and tax-exempt organizations. The services include both compliance and planning.
Tax Department professionals are responsible for the preparation and/or review of all tax returns and the representation of clients at tax examinations. They also communicate with clients and meet with all Partners and professional staff to keep them abreast of new tax laws and regulations.
Why Is Tax Planning Important?
Effective tax planning and management provide a healthy inflow of white money that results in the sound progress of the economy. This benefits both the citizens and the economy.
It can help you optimize your tax liability. By planning, you can understand what changes can be made and their ROI to take advantage of deductions and credits. This can free up money that you can reinvest back into your business.
One of the core tax planning objectives is channelising funds from taxable sources to different income-generating plans. This ensures optimal utilisation of funds for productive causes.
There is often friction between tax collectors and taxpayers as the former attempts to extract the maximum amount possible while the latter desires to keep their tax liability to a minimum. Minimising litigation saves the taxpayer from legal liabilities.
You can reduce your payable tax by arranging your investments within its benefits. Income Tax Act offers many tax planning investment schemes that can significantly reduce your tax liability.
It helps you optimize your financial and business plan. Understanding your tax liability allows you to make better decisions about how to allocate your resources. This can help you grow your business and achieve your long-term goals.
Tax Planning for a business begins well before the business is actually started. Numerous decisions must be made, such as:
- Should the business be incorporated or organized as a partnership or sole proprietorship?
- What accounting methods for financial reporting and tax purposes should be elected?
- How should compensation levels and methods be structured?
- What credit facilities will the business need? What is the most advantageous accounting period?
Once the business has started operations, timely tax planning should be a high priority of management.
Personal financial planning involves an examination and study of the client’s present financial situation, establishing realistic long-term objectives, developing strategies and methods to achieve the objectives and continued monitoring and, if necessary, revision of those strategies to allow for changes in tax laws and economic conditions.
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Be Our Client
The HFH Accounting team will be at your service and will try their best to offer you a good value for your money. We will accommodate you according to your needs as fulfilling them is our top priority. You can trust us with your best interests and we assure you that you will not be disappointed.
