Thank you glgcpa for your reply.
She says that her accountant didn`t give any advice at all nor provide any pointers to the various options available - maybe she wasn`t specifically paying him beyond the book-keeping and tax filing activities.
Could you please let us know what specific type of professionals we should be seeking help from? Is it Tax Planner or Finacial Planner or Investment Advisor? All the friends and family we know are working class folks whose finances are relatively straightforward and therefore none of them had faced similar situation.
Most tax accountants provide this advice; thus if that`s who she hired she should be receiving it. If she`s not she either picked an accountant who does strictly (or mostly) bookkeeping and maybe didn`t feel qualified or realize they should be offering tax advice OR what I see very frequently in large CPA firms - she works with a bookkeeper (either a non-degreed accountant or a first year out of school accountant) who knows virtually nothing about tax planning.
In short, the answer to your question is that she needs to talk to a tax accountant regarding tax planning. The tax accountant may refer her to a financial planner or investment advisor after she understands and knows what type of accounts she is interested in and why.
True tax planning (as opposed to quick short term fixes you hear about on the news each December) involves not only looking at this C-Corporation, but also all the owner`s individual returns. The reason is that a tax plan focuses on the individual`s complete tax liability from all sources (their business, investments and their individual taxes) and makes recommendations of things that you are not taking advantage of elsewhere in your tax circle.
Gina L. Gwozdz, CPA