Tax Planning
Our primary goal in managing your wealth is to help you achieve your retirement or accumulation goals, which is why tax planning is so important.
Tax planning considers the implications of individual, investment, and business decisions, usually with the goal of minimizing tax liability. Although decisions are rarely made based solely on their taxable impact, we are always cognizant of the income, capital gains, estate, and business tax issues involved in any particular situation.
Attention to taxes often influences the timing of investment purchases and sales. We undertake gift tax planning, life event planning, business tax planning, income tax planning, and investment tax planning. The taxable consequences of any action we take are carefully weighed. Although financial professionals can perform many tax planning functions, some activities require the expertise of an accountant or a CPA. We may work closely with a taxation specialist to focus on your tax planning.
Tax planning is a critical component of wealth management. A good taxation strategy will be well-coordinated with your overall plans for business, investments, risk management, and retirement.
income tax planning
One goal of tax planning is minimizing deferral income tax liability. Strategies for this include reducing taxable income through income deferral or shifting, as well as deduction, investment tax, and year-end planning.
Investment tax planning
This involves evaluating how to best position assets to minimize ongoing tax payments. It requires year-round planning and begins with an in-depth understanding of the tax implications of various investments and investment strategies.
gift tax planning
If you give away wealth, during life or at death, you may incur deferral taxes—and additional state taxes. These include gift, income, and inheritance taxes. We can help protect the assets you transfer from excessive depletion by understanding these taxes and the strategies you can use to minimize them.
Business TAx planning
As a business owner, many of the decisions you make will be tax-based, from your initial setup of the business through its 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 of life’s most important events—retirement, marriage, higher education enrollment—come with tax considerations. Life event planning focuses on the impact of taxes on such events and on the financial plan you may have in place. We work with you to determine the best way to report (for tax purposes), spend, and save for these events.
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult with a tax or legal professional regarding their individual situations.