Tax planning is the key to successfully and legally reducing your tax liability. Elite Resource Partners proactively collaborates with the advisor team to recommend tax planning strategies to reduce your tax liability and therefore maximize your after-tax income. With shifts in the economy, technology and legislation, it has become more challenging than ever to navigate through the tax code but because of our team approach and access to tax specialists, we have established a track record of success. Through our tax planning advice and advanced strategies, we maximize your income today so you are confident about the future.
Our roll at Elite Resource Partners is to collaborate with the existing advisor team so you have one voice of advice in developing your strategic plan. We recognize that businesses often require a third-party perspective, especially when it comes to complex planning. Using our years of coaching coupled with experience we use our unique teamwork so clients can better manage their resources, reduce liability, identify opportunities for growth, and make more informed strategic decisions.
One of the most important decisions entrepreneurs face is selecting the type of entity that should be utilized for their new business ventures or, more importantly, an entity design when expanding or growing an enterprise. A business entity is created for an organization’s tax and legal purposes. Whether you choose to be a Corporation, an S-Corporation, a Partnership, a Limited Liability Company or a Sole Proprietorship, your choice will have tax and business implications. One final point, the entrepreneur’s choice when expanding or growing and enterprise is key to providing future tax benefits and asset protection.
While professionals and business owners are aware of the importance of a solid and well-grounded business plan, you might be surprised by how few apply the same strategic approach when it comes to their taxes. This is a serious mistake. Ignoring or minimizing the importance of well-executed tax for the businesses can lead to financial disaster on both a business and personal level.
Elite Resource Partners takes a macro-management approach to risk assessment. Our insurance consultants look at your assets and financials as a whole when advising on which policies are best in your situation. In all fairness, the cheapest insurance policies aren’t always the best option. In fact, in most cases they aren’t. Another axiom, bad things happen to good people. Proper coverage for loss of life, disability, lawsuits or anything else beyond your control or financial means could affect your family or business. In addition, many times the proper coverage saves you more in the long-term than paying for the cheapest insurance policy.
There are many different types of retirement plans available to a client or business. In many cases, a retirement plan can play a major role in the retention and the loyalty of your employees and is indispensable in recruiting quality personnel to your organization. In other cases, a retirement plan may discriminate in favor of the owner and generate a huge tax deduction for the owner of the business. The Retirement Plan Confidence System is our proprietary process used to determine the best plan option based on your situation.
When a Life Insurance Policy is purchased, certain assumptions are made – assumptions about policy charges, interest rates, planned premiums, etc. Additionally, a life insurance portfolio is designed based on a client’s needs and objectives at that time. Just like any other financial asset, it is critical to periodically review one’s life insurance portfolio.
Business Owners and Professionals continually seek ways to utilize their businesses to provide tax-free retirement benefits for themselves. The Professional’s Retirement Strategy creates an exit-strategy to capitalize on the intrinsic value of their business. The PRS Plan is a tax-efficient retirement strategy designed to build wealth, tax-advantaged retirement income, substantial life insurance protection on an asset protected basis.