--- title: "Tax Planning Services in Southlake, TX | Wallace CPA" description: "Tax planning for Southlake, TX individuals and business owners: estimated payments, withholding, business structure and year-round check-ins with Wallace CPA." url: https://wallacecpa.multisites.ai/services/tax-planning publisher: Wallace CPA phone: +1-877-682-1171 quote: https://wallacecpa.multisites.ai/contact --- Wallace CPA ยท Southlake, TX # Tax planning for individuals and business owners in Southlake, TX Tax planning means looking at your income, expenses and plans during the year, not only at filing time. Wallace CPA reviews your numbers, explains how choices may affect your taxes, and helps you prepare for payments that come due before your return is filed. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact?service=Tax%20planning) ![Hands working a calculator and a laptop beside printed financial pages](https://wallacecpa.multisites.ai/_astro/calculator-and-laptop.lrmElA1F_Rzm0K.avif) ## What's included - A mid-year review of income, withholding and estimated payments - A look at how your business structure affects your taxes - Planning for the tax effects of a sale, a hire or a large purchase - Year-end steps to talk through before December 31 - A written list of questions and next steps after each review ## When people call - You owed more than you expected at filing time - You are self-employed and unsure about quarterly payments - Your business income changed a lot this year - You plan to buy equipment, hire or sell something - You are thinking about changing how your business is set up ## What is tax planning? Tax planning is a regular review of how your income, expenses and plans fit the tax rules. The goal is to understand your choices before the year ends. Wallace CPA does this alongside [tax preparation](https://wallacecpa.multisites.ai/services/tax-preparation), so the planning work and the return use the same facts. ## Do I need to make estimated payments? You may. The IRS says individuals, including sole proprietors, partners and S corporation shareholders, generally have to make estimated tax payments if they expect to owe $1,000 or more when their return is filed. Read more about [estimated tax payments](https://wallacecpa.multisites.ai/glossary/estimated-tax-payments) and the [post on how to pay them](https://wallacecpa.multisites.ai/blog/estimated-tax-payments). Dates for each tax year are on our [tax due dates](https://wallacecpa.multisites.ai/tax-due-dates) page. ## Can withholding be adjusted? If you earn wages, the IRS Tax Withholding Estimator helps you estimate the amount your employer should withhold. A CPA can walk through the result with you and compare it with other income. This is general information, so ask about your own case. ## How does business structure affect taxes? The way a business is set up decides which return it files and how its income is taxed. An [S corporation](https://wallacecpa.multisites.ai/glossary/s-corporation) passes income and losses to its owners, and owners who work in the business must consider [reasonable compensation](https://wallacecpa.multisites.ai/glossary/reasonable-compensation). Read our guide to [S corps, LLCs and sole proprietors](https://wallacecpa.multisites.ai/guides/s-corp-llc-sole-proprietor-texas) before you talk with a CPA. ## When should I start planning? Earlier is easier, because most choices need to happen before the year closes. A mid-year review and a fall review work well for many people. Our [small business tax calendar](https://wallacecpa.multisites.ai/guides/small-business-tax-calendar) shows what happens month by month. General information, not advice for your situation. Talk with a CPA about your own facts before you act. ## Questions about Tax planning Ask anything else: call [(877) 682-1171](tel:+1-877-682-1171). [Read the guideS corporation, LLC or sole proprietor: how the choices differ in Texas](https://wallacecpa.multisites.ai/guides/s-corp-llc-sole-proprietor-texas) ### Is tax planning the same as tax preparation? No. Preparation reports what already happened during the year. Planning looks at the year while it is still open, so you can think through choices ahead of time. ### Who needs estimated tax payments? The IRS says individuals, including sole proprietors, partners and S corporation shareholders, generally need them if they expect to owe $1,000 or more when the return is filed. Corporations have a $500 rule. ### Will planning lower my taxes? We cannot promise a result. A planning review shows your options and the effect each may have, so you can decide with full information. ### Is the information on this page tax advice? No. It is general information. Talk to a CPA about your own situation. ## Related services - [Tax preparation](https://wallacecpa.multisites.ai/services/tax-preparation) - [Business advisory](https://wallacecpa.multisites.ai/services/business-advisory) - [Individual tax and financial planning](https://wallacecpa.multisites.ai/services/individual-tax-and-planning) ## Sources 1. [IRS: Estimated taxes](https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes) 2. [IRS: Tax Withholding Estimator](https://www.irs.gov/individuals/tax-withholding-estimator) 3. [IRS: S corporations](https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations) ## Talk to Wallace CPA Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact) 180 State Street, Suite 225, Southlake, TX 76092