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EXPERT TAX STRATEGY

Leveraging deep knowledge and experience in tax laws, we develop strategies that align with individual or business goals, ensuring compliance while minimizing liabilities.

This proactive approach not only addresses current tax obligations but also anticipates future changes, positioning clients for long-term financial success.

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Leveraging Monika Hengesbach's Enrolled Agent status and NTPI Fellow designation, along with her three decades of experience serving over 1,000 clients, she provides superior tax advice, IRS representation, and resolves complex tax issues with proven expertise and reliability.

Offering personalized, concierge-level tax services means that Decision Financial goes beyond the standard approach to tax management by providing highly tailored services that cater to the unique financial landscapes of each client. This approach involves a deep understanding of each client’s personal and business financial goals, enabling the firm to offer solutions that are specifically designed to optimize tax outcomes and enhance financial health.

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We prioritize clients' unique needs and goals, ensuring personalized tax strategies and solutions through collaborative planning and open communication. This philosophy fosters strong, trusting relationships, with every action tailored to achieve the best outcomes for clients, emphasizing respect, transparency, and empowerment.

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The 3 Most Important Tax Planning Tips for Family Owned Businesses

July 04, 20243 min read

"A month ago, I went to the doctor and learned that the reason I am feeling the way I do is because of my lifestyle."

My doctor told me that by just removing certain foods from my diet and doing 15 minutes of intense cardio, I would feel better.

How many times have we heard that before?

MANY!

Well, this time I decided I would do whatever it does to feel better and guess what? Go figure, my doctor was right. I feel tons better. Trust me, it wasn’t an easy transition. I had to plan my meals, choose the right ingredients to avoid getting sick, keep a record of the meals I ate and how I felt afterward, and finally, I had to remove the excuses that stopped me from finding time to exercise. Yet after doing the above for a few weeks, it became easy; it became a routine.

As I was going through all the steps above, it made me realize that I could help businesses heal too, just by avoiding these expensive tax mistakes:

1. Failure to plan. One of the most costly business mistakes owners can make is failing to plan. Often, we get wrapped up in our business and before we know it, January 1st is here, and we are scrambling to locate all of our tax documents to file our return on time. We know our tax bill will be the same as last year’s, and the year before that. Why? Because we let the year pass without spending much time on planning. If I could tell you that you could save 5%, 10%, or even 15% on your tax bill just by planning, would you? Are you in enough pain to make that change?

2. Choosing the Wrong Business Entity. Most businesses start out as sole proprietors and unfortunately stay that way for some time. When I ask clients why they haven’t thought of incorporating, I am told "my business isn't that big" or "it’s not financially feasible to incorporate because of the cost". By choosing the right entity for your business, you not only protect yourself from business liabilities but also benefit from many tax advantages.

3. Good record keeping. I can't tell you how many times I've seen new business owners bring their proverbial shoebox full of receipts to their tax appointments, proud they are all set because they think they aren't missing anything. And it never fails that I get the deer in the headlight look when I start asking questions that the shoebox can’t answer. That missed receipt, or record, is a missed deduction. Each missed deduction means an increase in the tax owed. Just by having a good record-keeping system, you can save yourself hundreds on taxes.

Two Healthy people eating salads after a workout

And I think the most important one of them all: NO MORE EXCUSES! Yes, you can find the time to plan. Yes, it is financially feasible to choose the right business entity. And yes, you can make time to keep good records. And if you can’t find the time, hire someone who can. A healthy business is a "fit" business.

eat rightworkouthealthybusinesstaxestax strategy
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535 Silicon Dr. Ste. 101

Southlake, TX 76092

Office: 817-268-9352

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