Troy Renkemeyer has established a strong reputation in tax law and accounting with a particular emphasis on small business tax strategies and intricate tax issues. He is one of the founding members of Renkemeyer Law Firm in Overland Park Kansas who has guided numerous businesses and individuals through the labyrinth of tax laws. Having worked in this field for a number of years, his views will be significant no matter what level the reader is as well and also those who plan on developing a tax strategy are bound to benefit.

Background and Expertise

Troy Renkemeyer has always been passionate about businesses and this is the reason as to why he emphasizes on building businesses. Operating from Missouri, Renkemeyer acquired a Juris Doctor degree in Taxation practice as well as an LL.M specializing in Taxation. He is involved in corporate tax a wonderful combination which enables him to be an asset for business owners, entrepreneurs, and individuals. Other than these, his focus areas include the taxation of partnerships and business formations within which ensures that the tax liabilities of clients are minimized wherever possible but still observe the various legal requirements.

At his firm, Renkemeyer helps clients secure the right answer for a wide range of tax problems. He is noted for his personable manner and attention to detail which goes a long way towards assisting businesses with major issues such as tax preparation, planning and in cases of merger, representation before the IRS.

Troy Renkemeyer: Important Ideas

Throughout his career, Troy Renkemeyer has written about many issues affecting businesses. Here are a few of his basic practices and suggestions that are easy to grasp by both tax inexperienced people, as well as seasoned business owners.

1. Worry not, it is never too late to plan for taxes.

So planning for taxes is very important in today’s world, as described in the above paragraph by Renkemeyer. Unfortunately, many small business owners do not begin thinking about taxes until the end of the year after they may have lost many deductions and credits. He encourages his clients to finish their taxes before they start new operations, or even at the end of the previous financial year. Early planning of taxation helps in watching the financial forecasts in a better way, cash flows are better managed, and a client is able to maximize on potential tax deductions and credits.

As for ownership structures other than small businesses, Garet believes it best to consider tax strategy on all aspects of the business, operational overhead, employee perks, and resources deployed in other factors within the budget. According to Renkemeyer, a more integrated approach towards the macroeconomic and financial frameworks results in better business processes and effectiveness.

2. How to Optimize the Structure of Your Business from a Tax Standpoint

Selecting the right business structure is one of the most fundamental principles of business that Renkemeyer always stresses. For instance, incorporating as an LLC, an S-Corp or a C-Corp will in one way or the other determine the tax scope of the business entity. All of the structures have merits and demerits with regards to tax implications and therefore, selecting any of the above haphazardly will worsen taxation than it could have been.

Renkemeyer sees to it that understanding business’s types and taxation is taken in context with financial objectives of the client. For example, for many owners of small businesses, S-Corporations help avoid payroll taxes, and in the case of self-employment in a small business, C-Corporations may be better suited for businesses that will allow profit growth. Renkemeyer carefully considers each of these structures with all the constraints in mind so that the clients can minimize their tax exposures while putting in place a legal structure that promotes growth.

3. Taking The Full Advantage Deductions and Credits

Like most people in the industry, Renkemeyer has a strong preference for a tactical approach towards deductions and credits. His practice has shown him that other businesses simply don’t utilize these opportunities to save on taxes because they could be ignorant of them. To name just a few, an R&D credit as well as many office and other business expense deductions are likely to lower the tax bill owing to the generous provisions for claiming available deductions.

For Renkemeyer, it is also important to make such records of business and other infrequent expenses that do come up in practice with the same degree of attention to accuracy and regularity since these are what the businesses will use in case the tax authorities come for an audit. Such appropriate attention to record keeping not only helps in promoting an efficient tax compliance practice, but also enhances understanding of a business’s fortunes.

4. How to Keep Up with Changes Made to Tax Laws

There is a consistent change in tax laws where more and more rules are imposed. Renkemeyer advises tracking these changes as they are bound to affect the tax position. It could be changes in corporate income tax rates, changes in the rules for depreciation or if there are any changes in the payroll tax requirements, up-to-date information is a must.

Renkemeyer’s firm is focused on making the clients deal with these issues and changing the course of action whenever needed. There are opportunities in the business as well where if people stay aware, they can save themselves from unsolicited tax dues.

The Cost of Not Taking Professional Help

From the above discussions, Troy Renkemeyer’s experience endorses seeking professional help in tax planning and compliance matters. Because tax system and regulations differ in complexities and even in constancy, engaging someone like Renkemeyer is a great time, cost and stress saver to businesses. He stresses that there is nothing wrong with DIY tax solutions but do-it-yourself solutions can be adequate in seeking very simple tax plans and compliance issues.

Conclusion

Undoubtedly, Troy Renkemeyer has manner in which he takes on a very daunting and complicated landscape of tax law and breaks it down into very manageable aspects. He focuses on the essence of planning, organisation of the structure, knowledge of possible rebates and changes in the law. Well in a nutshell, Troy has considerable knowledge and skills that can benefit various business and even the self employed individuals, with his advice being practical and beneficial to the overall financial situation. This way, companies will be unconcerned about the labyrinth of tax and instead focus on expanding their opportunities.