• Stay Updated with Changing Tax Laws: Tax laws and regulations change frequently. Business owners must stay updated to ensure they are compliant and avoid costly penalties. A tax consultant will provide current information and guide businesses through any recent changes.
• Maximize Deductions: Many business owners are unaware of the numerous deductions available to them. A tax planning session can illuminate these potential savings, ensuring business owners aren’t overpaying on their taxes.
• Cash Flow Management: Effective tax planning can improve a company’s cash flow. By understanding tax liabilities and planning ahead, businesses can manage their finances more efficiently.
• Avoid Costly Mistakes: The punitive implications of tax errors can be severe. A tax consultant can help identify and rectify potential issues before they become major problems.
• Strategic Business Planning: Tax planning isn’t just about compliance; it’s a strategic tool. A consultation can help business owners make informed decisions, from investment strategies to hiring practices, all tailored to their specific tax situation.
• Peace of Mind: With a professional overseeing their tax strategy, business owners can focus on what they do best – running their businesses. They can rest assured that they are minimizing liabilities and making the most of any available tax benefits.

You can schedule your tax planning consultation today by calling (615) 267-0125 or (989) 704-6560.

About Charles R. Frazier JD LLM

Charles R Frazier is the principal attorney for Frazier Law, a tax, estate and business law firm with offices in Middle Tennessee and Central Michigan. Charles writes and speaks nationally on topics of tax planning, tax controversy & defense, business and succession planning, and estate planning. Charles is a member of bar in the states of Michigan, Tennessee and Texas. Mr. Frazier can be scheduled for consultations or interviews at (615) 267-0125 or (989) 704-6560.

The rates will be shooting up to 12.25% as the prevailing interest rate charged to Tennessee tax payers who either owe past due balances to the State or who fail to make estimated quarterly payments as required. Tennessee charges an additional 1% for Tennessee taxpayers who pay past-due taxes through an installment agreement. The total interest rate for installment payment agreements will increase to 13.25%

“The state has raised rates to keep pace with the raise the Prime Interest Rate,” said Nashville-based tax attorney Charles Frazier. “The Prime Rate is directly attached to the FED Funds rate and the discount rate which is established by the Federal Reserve.”

The raise of these interest rates will have an impact on Tennessee taxpayers who owe balances to the state. “While the rise of interest rates are not surprising, many of taxpayers who owe balances are generally struggling small businesses,” said CPA Rick Miller. “It is important that all businesses have a plan for paying all of their State tax balances on time to avoid these rising rates.”

Miller also pointed out that these expenses are generally not deductible to taxpayers. “Punitive interest and penalties on past due or unpaid tax balances are generally not deductible,” said Miller. “It may be better to borrow these funds from a bank or other capital source then to borrow from the State.”

The previous prevailing interest rate of 8% for tax balances and 11% for installment payment agreements will expire on June 30.

Charles R Frazier, JD, LLM, MTax is a Nashville-area tax and estate planning attorney who assists clients with tax issues and tax planning services. He has represented hundreds of taxpayers before the IRS and state department of revenue. More information can be found online at frazier.law.

Rick Miller, CPA MBA is a Nashville-area Certified Public Accountant who prepares Tennessee and federal tax returns for business owners and individuals.

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