Succession Planning and AccountingBookkeeping Firms in Frisco, TX

Succession Planning Services

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

"What happens to the business when you're no longer running it?"
"Will you have enough money to retire?"

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

Developing and implementing a well-designed succession plan with a Frisco is essential to the survival of a family business from one generation to the next.

A Frisco tax accountant can help you with these key issues -

Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...
Business Valuation
Business Restructuring
Tax Consequences
Retirement Projections
Tax Projections

Contact Paramount Tax & Bookkeeping Frisco if you'd like us to help you pass on what's taken a lifetime to build. We offer free consultations on all of our financial planning and tax services in Frisco.

Frisco tax preparation

Paramount Tax & Bookkeeping Frisco tax bookkeeper

Call 469-252-8216 today!

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Additional Business Services

Wossen helped with my entity transactions. Very professional and knowledgeable. Highly recommend her services.

— Ravikiran Kulkarni, Posted February 7th 2025 on google

I have used Azeb for both business and personal taxes for 4 years now. She is responsive knowledgeable and professional! Plus she is great at meeting during the year for updates and discussions to make taxes easier when the time comes. I couldn’t not recommend anyone more highly for accounting and tax services.

— Kent Lindloff, Posted February 5th 2025 on google

Azeb is very easy going and helpful. She helped me with my tax planning and preparation. I highly recommend her as she is very knowledgeable and thorough.

— Gabby Sisay, Posted January 23rd 2025 on google

I would give Paramount Tax & Bookkeeping 6 STARS, if I could!! Azeb is extremely competent, honest, hardworking, trustworthy and has a heart to help her clients!! I've used several other tax companies, in the past... NONE, come close, to Paramount!! Azeb has helped me (even "walked me through, step by step) to set up m...

— Todd Voto, Posted January 23rd 2025 on google

Azeb is friendly and attentive. She gave us sound tax advice regarding our business tax liability. Azeb is honest and to the point. I would recommend her.

— Jasen Hansen, Posted January 22nd 2025 on google

I have been working with Azeb for over two years now and she has been extremely supportive and professional in assisting me and my family filing our taxes. I have also recommended her services to few friends and colleagues and they were very happy with her services and punctuality. One of the best things about working ...

— Motaz Hadaya, Posted January 21st 2025 on google

Azeb has been extremely helpful with organizing our finances and educating on new rules and tax advice. I have enjoyed working with Azeb and appreciate her attention to detail and her willingness to go above and beyond. She makes filing taxes feel like a stress-free process and is proactive. She is a crucial part of ou...

— Anika Patel, Posted January 18th 2025 on google

Azeb is a joy to work with! She is full of knowledge, and I am sure I am getting the best service around. Would recommend 10/10!

— Blake Heenan, Posted January 16th 2025 on google

I have nothing but positive things to say about Paramount Tax & Bookkeeping. I stumbled across Azeb and her tax business in 2024, and it has been the best experience I have ever had with filing our taxes. Not only is Azeb knowledgeable and an expert in her field, but also kind, communicative, and friendly. She makes...

— Melissa J, Posted January 15th 2025 on google

The team demonstrates high professionalism and attention to detail. Their commitment to providing reliable and efficient services makes them a great choice for handling tax needs. Highly recommended!

— Owais Khalid, Posted January 8th 2025 on google

Azeb's eye for detail caught a major registration error caused by my registered agent and outlined all the steps I would need to take to correct it. She is amazing!!

— Playbook Maker, Posted January 6th 2025 on google

Azeb left me feeling confident in filing my taxes for multiple small companies. I appreciate her dedication and caring approach.

— Annie Smith, Posted January 6th 2025 on google

Azeb provides customer service that goes above and beyond. She takes the time to teach her customers the skills that are needed to be successful.

— Kimmie Conlon, Posted January 6th 2025 on google

She is highly professional and efficient. Her dedication to identifying the best tax strategies has helped me save tax.

— zacopp, Posted January 6th 2025 on google

Azeb was fantastic. Very patient and explained bookkeeping in a way that made feel confident about my business.

— K P, Posted January 3rd 2025 on google

Great service! Thank you Azeb for the Amazing Service!!

— Yaineabeba Weldezgina, Posted December 15th 2024 on google

Extremely helpful and professional. Highly recommended!

— Patrick Britton, Posted December 13th 2024 on google

Azeb continues to go above and beyond to help me organize my finances and increase my net worth. As a real estate agent who also owns multiple rentals homes and an investor who flips homes it is very important that we meet on a monthly basis to review where I am financially and talk about key financial avenues such as ...

— Troy Olson Team, Posted December 13th 2024 on google

I have been going to Azeb Wossen (paramount tax service) for the last three years and have always been happy with her professional service I received.I highly recommend her to anyone looking for a great service.

— Sisay Tiku, Posted December 5th 2024 on google

I recommend Azeb she helped me with everything I needed and walked me through it I am definitely using this company again

— Liya Solomon, Posted November 24th 2024 on google

Free 3-Year Tax Review

We review 3 years back to find errors / missed deductions.

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Paramount Experience

Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Bookkeeping Frisco, is that our firm utilizes the services of licensed professionals.

Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 firm in Frisco. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Bookkeeping Frisco!

Free Consultation 469-252-8216

Upgrade to Tax & AccountingBookkeeping Firm

Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Bookkeeping Frisco a call or visit our tax and accountingbookkeeping firm in Frisco for a free consultation.

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