Tax Planning

Tax planning can be used to minimize Federal and State income tax liabilities with proper communication between the client and tax professional.

Tax planning is the analysis of a plan of analysis that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. 
Tax planning should be a key part of an individual investor's financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

• Reduce taxes on your income to keep Uncle Sam out of your pockets and keep more of what you make, including:
  • reducing taxes on your business or rental income
  • reducing taxes on your retirement income
  • reducing taxes on your investments
• Specific areas we can help with include:
  • helping calculate how much to pay in estimated tax or increased withholdings to avoid penalties for underpayment
  • analyzing which tax credits or deductions may apply in your situation to help lower your taxes
  • taking advantage of ways to defer taxes, such as certain retirement plan contributions
  • looking for opportunities to shift income or expenses from one year to another where it would be taxed at a lower rate
  • using certain investments that generate tax-exempt income at the federal and/or state level
  • if you are self-employed, exploring other entity options to see if it would lower your overall tax burden
  • splitting income among family members to have it be taxed at a lower rate