Learn how to pay less tax and increase profit in your business. You may be able to increase profit by 20% by following this approach. Harry unpacks how the Tax GPS™ works and if it might be the right fit for you.

Are You Paying Too Much in Taxes?

How to Pay Less Tax in Your Business

Tax season can be a stressful time for business owners. For many, the process looks like this: in January, February, or March, you gather all your financial documents from the previous year and send them off to your accountant or tax firm. A few months later, they tell you what you owe. At that point, it’s too late to make any strategic moves—you’re stuck paying the bill without any opportunity to reduce your tax liability.

This reactive approach is like driving while only looking in the rearview mirror. It’s not ideal for navigating the road ahead. At Plack Group, we believe in taking a proactive approach to taxes—looking through the windshield and planning for the future.

Why Most Fall Short

Most accountants act as historians, focusing solely on what happened last year. While this information is important, it doesn’t help you make smarter decisions moving forward. As a business owner, you likely already know how your business performed last year. What you need is a forward-thinking partner who helps you plan ahead and optimize your financial strategy throughout the year—not just during tax season.

Taxes should be an integral part of your financial planning all year long. Depending on where you live, your effective tax rate could be 50% or more—a significant expense that demands attention. If your business is thriving and generating two or three times more revenue than the previous year, your tax liability will increase substantially. Without proper planning, you could end up paying millions in taxes unnecessarily.

The Importance of Proactive Tax Planning

The U.S. tax code spans over 50,000 pages and is constantly evolving. Navigating this complex system requires expertise and an ongoing relationship with a knowledgeable tax advisor. At Plack Group, we take the time to understand our clients’ businesses inside and out so we can identify which parts of the tax code apply to them and uncover opportunities for savings.

Think of it like visiting the dentist: if you put off regular checkups, you’re more likely to face painful procedures like fillings or root canals down the road. Similarly, if you procrastinate on tax planning and only meet with your accountant once a year, you could end up facing unpleasant surprises—like large, unexpected tax bills that strain your cash flow.

By working with your accountant consistently throughout the year, you can take advantage of tax-saving strategies tailored to your unique situation.

Tailored Strategies for Your Business

Effective tax planning starts with understanding your business goals and priorities. For example:

• Charitable Giving: If philanthropy is important to you, we might recommend setting up a donor-advised fund to maximize charitable deductions while supporting causes you care about.
• Luxury Purchases: If you’re passionate about cars or other high-value assets, we can educate you on opportunities to leverage these purchases for tax savings while staying compliant with IRS guidelines.

Every client has different needs and priorities, which is why we customize our approach to ensure optimal results for each individual business owner.

Avoiding Large Unexpected Tax Bills

One of the biggest challenges business owners face is managing cash flow when they’re hit with unexpected large tax bills. Whether $80,000 feels like a big check or $8 million does, no one wants to be caught off guard and scrambling for cash at the last minute. At Plack Group, we specialize in helping clients avoid these surprises through proactive planning and regular communication.

Our TaxGPS+ program puts clients in control of their taxes by offering ongoing support and guidance throughout the year—not just during tax season. We meet regularly with our TaxGPS+ clients to discuss strategies that align with their goals and ensure they’re making informed decisions about their finances.

Is TaxGPS+ Right for You?

TaxGPS+ isn’t for everyone—it’s designed for successful business owners who want to take a hands-on approach to their taxes and financial strategy. If your annual tax bill is around $10,000, this program may be overkill for your needs. However, if you’re running a thriving business and facing significant tax liabilities each year, TaxGPS+ could be exactly what you need to stay ahead of the game.

At Plack Group, we prioritize long-term partnerships that deliver real value to our clients. We don’t work with everyone—we only take on clients where we know we can make a meaningful impact on their bottom line.

Ready to Take Control of Your Taxes?

Stop driving blind when it comes to your taxes—start looking ahead with confidence! At Plack Group, we’re here to help successful business owners like you reduce their tax burden and keep more of their hard-earned profits.

Contact us today to learn more about how our proactive approach can benefit your business!

Founded on a simple yet powerful principle – helping people – Plack Group is more than just an account firm. We create effective solutions that embody your core values and beliefs. From our home in Bel Air, Maryland, we’re proud to serve kind and dedicated clients across the United States.

We’ll say what others might not: we love our clients. Our commitment extends far beyond tax returns and financial analysis. We specialize in finding solutions for high-income individuals and business owners with complicated tax situations. 

Our approach is to work with you to uncover hidden deductions, craft strategic solutions, and drive your financial growth. We dissect complex tax issues providing detailed insights tailored to your needs while giving recommendations like we are advising our own family.

Who We Are

The Plack Group works with clients in the areas of  wealth-management, tax strategy, and business solutions through our coaching, planning, and accounting services. 

Our clients look to transform the way they do business and embrace unprecedented personal and business development, balancing their personal and professional lives with a sense of purpose.

As individual and business accountants based in Bel Air, Maryland we partner with clients across the United States.  At Plack Group, we treat our clients with the samecare and consideration whether you are located next door or on the next coast. We specialize in complex tax situations, uncovering hidden deductions and crafting strategic financial solutions.

Our highly experienced team of CPAs, accountants, and consultants go beyond tax optimization by partnering with you to align your business success with personal goals. We dive deep into your unique financial landscape, transforming your journey from surviving to thriving.