We know you work hard for your money. That’s why it is so important to safeguard your assets through proper tax planning. Unplanned financial transactions can result in recurring tax fees or large tax penalties. We make sure that the financial decisions we make together take into account the potential tax consequences. While financial choices are rarely made solely on their tax impact, we make a point to consider their tax implications in order to protect your assets against unnecessary depletion. Tax planning considers the tax implications of individual, investment, or business decisions. Whether we personally counsel you or partner with a tax specialist such as a CPA to deliver solutions, you can rely on us to work in your best interests. Because of its complexity, we have divided this topic into five main kinds of planning:
• Income tax planning
• Investment tax planning
• Gift and estate tax planning
• Business tax planning
• Life event tax planning
Income tax planning
One goal of tax planning is minimizing deferral income tax liability. Some strategies for this include reducing taxable income through income deferral or shifting, proper deduction planning, investment tax planning, and year-end planning.
Investment tax planning
Investment tax planning involves evaluating how to best position assets to minimize ongoing tax payments. This requires year-round planning, and it begins with an in-depth understanding of the tax implications of various investments and investment strategies.
Gift and estate tax planning
If you give away wealth, during life or at death, you may incur deferral taxes—and possible additional state taxes. These taxes include gift, estate, income, and inheritance taxes. We can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.
Business tax planning
Tax issues are never far from the mind of the business owner, and it’s likely that many of the decisions you make will be tax-based. It starts with the formation of your business and continues through the sale. Your choice of business entity, how you pay out profits to the owners, and your accounting decisions will all have an effect on your tax liability.
Life event tax planning
Some events in life, including retirement, marriage, and higher education enrollment, come with tax considerations. Life event planning focuses on the financial impact of significant events of your life and on any financial plan you may have in place. We work with you to help determine the best way to report (for tax purposes), spend, and save for these events. All the pieces and events that compose your life are important factors that can greatly impact your financial situation. As things change, we will help you find different ways to protect your assets. Taxation planning is the way we work to keep more of your assets with the person who worked hardest for them—you!
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.
IRS CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code; or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
