#15 | Profit Optimization

Practical Tax with Steve Moskowitz

In this week's episode of the Practical Tax Podcast, Steve and Cliff discuss how business owners can optimize their yearly profits by implementing Moskowitz LLP's year-round tax planning strategies. Learn how you as a taxpayer can avoid 'March Madness' and no, we don't mean the basketball tournament. Listen to the full episode to learn more! Episode Transcript Intro: You're listening to the Practical Tax podcast with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz LLP, a tax law firm. Steve Moskowitz: Welcome to everyone, and we're so happy to have you join us. We're going to be talking about subscription services today. And what's really important here, over the years there's so many people that have said, "Wow, you really did a great job on that. Whether it was legal advice, tax advice, tax return, getting somebody out of a tax problem. I sure wish I could go ahead and see you on a regular basis." And the answer is, why of course you can. And before I was a tax attorney, I was a CPA. And in our firm, we have both tax attorneys and accountants, and we do a lot of maintenance work. That's advising, accounting. And what we've done is we go ahead and we offer this as part of our subscription services package, where we've taken the needs of various individuals and businesses, put together a package that covers everything. We have different departments in the firm, and the different departments work on your case. And then we talk to each other, and then we go ahead and coordinate it. So it's not just, well, your estate plan is really strong, but there's a problem here or a problem there. We go ahead and we talk about everything, whether it's financial planning, estate planning, tax planning, your accounting work. Another thing that we do, and I've always said my whole career, that the tax return, and that's what all the people focus on. The tax return, the tax return. The tax return should merely be the summarization of a year's worth of planning. And so many people don't realize that, but that planning is so vitally important, and that's why you see in the newspaper all the time where the Fortune 500 make billions with a billion profits, and don't pay any taxes, because they do spend their entire year of planning. And that's what we want to offer to much smaller businesses and individuals. And we'd like to go into the details, and now I'm going to turn the floor over to my friend and colleague, Cliff Capdevielle, who is the head of this, and is going to explain it. Cliff, take it away. Cliff Capdevielle: Thanks, Steve. So as you said, what we're offering is business advisory services, which big companies have had access to forever, right? If you're a Fortune 500 company, you can hire McKinsey, or Bain, or Boston Consulting Group, and they'll come out with a group of four or five team members. You'll put them up at the Ritz Carlton for a couple of weeks, and they will spend that time analyzing your business, and come back with some recommendations. Only a couple problems with that. For small, medium sized businesses, the typical consulting fee, minimum consulting fee from McKinsey and Company is about a $1,000,000. For most companies, and most of our clients who are in the $25,000,000 or less gross receipts category, they just can't afford that fee. So what do you do? How do you get access to regular meetings with experienced experts, tax and legal experts, who can give you the kind of advice you need? And that's what we're offering, Steve, to these small and medium sized businesses who need regular consulting help, business advisory services. We're going to talk in detail about what that means. And the advantage of working with a firm like Moskowitz, of course, is that we've got broad experience from a diverse number of industries. We work with construction, real estate companies. We work with restaurants and other hospitality businesses,