ONGOING TAX PLANNING
Tax planning that actually gets implemented.
We keep the projection, entity, payroll, estimates, retirement funding and books working from the same set of numbers throughout the year. When something changes, the plan changes with it.
The return still gets filed. It just should not be the first time we discover what happened.
WHAT “PROACTIVE” ACTUALLY MEANS
A decision comes up. We look at it before it becomes history.
The work is not limited to two projections placed in a portal. It means revisiting the plan when the facts change and helping carry the decision through.
Side income grows beyond the original estimate
A new locums or telemedicine contract begins
Work expands into another state
An S-corporation election or payroll setup becomes worthwhile
Owner salary or distributions need to change
A practice wants to hire, add a location or purchase equipment
A physician wants to buy real estate or preserve cash for another goal
Retirement contributions need to be balanced against liquidity
A financial advisor proposes a Solo 401(k), safe-harbor plan or cash-balance plan
The books no longer match what is actually happening
A surprise opportunity or problem appears during the year
HOW THE WORK CONTINUES
Current numbers. Better decisions. Actual follow-through.
01
Keep the numbers usable
Books are maintained or reviewed, accounts are reconciled and the financial information is organized well enough to support actual planning.
02
Update where the year is heading
Expected income, spouse income, payroll, deductions, states, retirement contributions and major transactions are incorporated into the projection.
03
Decide while options remain
We compare the available paths, understand the tax and cash impact and decide what fits the broader financial situation.
04
Put the decision into practice
Payroll is adjusted. Estimates are paid. Contributions are coordinated. The entity, books and providers are updated. The plan does not stop at a recommendation.
05
File the returns and reset
The returns report the plan that was carried out. Then the prior year becomes the starting point for the next one—not the only source of information.
The cadence depends on the complexity of the engagement and how quickly the situation changes.
ONE FIRM TO COORDINATE IT ALL
The decisions affect one another. The advice should too.
Tax projections and cash
Current-year federal and state projections
Quarterly estimates
W-2 withholding adjustments
Tax-reserve targets
Income and deduction timing
Planning for irregular or delayed income
Entity and payroll
Entity and S-corporation analysis
S-corporation election implementation
Owner salary and reasonable compensation
Payroll versus distributions
Spouse or family payroll when appropriate
Contractor and employee coordination
Retirement planning
Business Casual Tax does not provide investment advice and does not act as the retirement-plan administrator.
Employer-plan and side-business contribution interaction
Solo 401(k), SEP IRA and other plan comparisons
Safe-harbor and profit-sharing considerations
Cash-balance or defined-benefit plan coordination
Contribution calculations and deadlines
Coordination with the financial advisor and plan administrator
Bookkeeping and financial information
Monthly bookkeeping or review of client-maintained books
Reconciliations
Useful revenue and expense categories
Loans, owner contributions and distributions
Financial information that supports projections
Practice cash-flow and decision support when included
Filing and follow-through
Personal and business income-tax returns
Federal and state filings
Payroll and contractor reporting
Multi-state coordination
Routine notices related to returns prepared by the firm, within scope
Tracking and implementation of agreed planning items
The same planning process solves different problems.
W-2 plus side income
The question is usually how the W-2 and side activity interact: withholding, estimates, entity structure, legitimate expenses and overlapping retirement-plan limits.
Full-time 1099 work
The question is usually how to create a repeatable system for variable income: tax reserves, payroll, distributions, books, multiple states and retirement funding.
Private-practice ownership
The question is usually how to connect tax planning to the practice itself: reliable books, staffing, owner compensation, debt, cash flow, retirement-plan design and growth decisions.
FEWER SILOS
Your CPA, financial advisor, attorney and payroll provider should not be working from different plans.
When another advisor is involved, we work with them directly where appropriate. The goal is not to replace every professional around you. The goal is to make sure the tax, cash and implementation consequences are understood before the decision is finalized.
Financial advisor and retirement-plan funding
Plan administrator and contribution design
Attorney and entity or ownership changes
Banker and lender-ready financial information
Payroll provider and owner compensation
Bookkeeper and current financials
WHAT WE HANDLE
You make the business decision. We make sure you have the numbers and the follow-through behind it.
This is more than the least expensive way to file a tax return.
It is built for physicians who want someone involved during the year, want the moving pieces coordinated and want help carrying decisions through. If the only priority is filing the lowest-cost return, this is probably more than you need.
You will have the opportunity to see that process during your first 30 days—before the first payment is due.
Tell us how the income works. We will tell you what we would look at first.
The questionnaire takes a few minutes. Rough numbers are fine. We will review your answers before the call and come prepared with an initial game plan.