Tax planning considers the tax implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. While decisions are rarely made solely on their tax impact, you should have a working knowledge of the income or estate tax issues and costs involved.

A major goal of tax planning is minimizing federal income tax liability. This can be achieved by:

• Reducing taxable income through income deferral or shifting

• Deduction planning

• Investment tax planning

• Year-end planning strategies

Investment tax planning involves evaluating how to best position assets in order to minimize the amount of taxes you have to pay on an ongoing basis. This requires year-round planning, and it begins with an in-depth understanding of the tax implications of various investments and investment strategies, including:

• The treatment of wash sales

• Tax-exempt investments

• Gains and losses

• 1031 exchanges

• Qualified dividends

• Options strategies

• Tax-deferred investing

• Passive income and losses

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We can help simplify your tax situation. Schedule a consultation today!

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The process starts with your personalized Tax Strategy Session.

 

 

Here’s how it works:

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• You start with a brief interview.  We want to hear about where you are now, and where you want to be.  We’ll ask a few easy questions about your current situation and from that determine the best Tax Strategy program for you.

• You’ll complete our brief Tax Questionnaire. This is where you tell us your financial, business, and investment goals and where your money currently goes. 

• We’ll need copies of your past tax return and a little information on each business entity (S Corporation, LLC, Limited Partnership, etc) that you currently have set up.  It’s all in the Tax Questionnaire and we’re here to help you if you have more questions.  The more information you give us, the better job we’ll do.

• We review your information and develop a comprehensive Tax Strategy.  This process typically takes two weeks so we can research your best possible options. This is the stage where the cool things happen!  In fact, the average savings for a taxpayer as a result of their Tax Strategy plan was over $14,000 per year!

• You’ll talk with your personal Tax Strategist to review the details of your plan and to get your feedback.  Typically, this call lasts about an hour.  It’s so packed with information, though, that we write up your customized strategy so you won’t miss a thing!  

• You get a written strategy plan, along with information on all available deductions, credits, loopholes, and strategies.

• About two weeks after the initial phone call, you can have a second follow-up phone call with your Strategist to cover the details of the first call again or to go through new questions you’ve uncovered.