Tax Planning Services
Tax Planning Services
Tax planning and tax preparation sound similar, but there are many differences. To minimize your tax liability, you must work year-round to acquire and execute tax planning advice. Some tax-saving efforts may be made at tax time, but the best results require careful planning throughout the year. Our tax planning services help you consider current tax laws, new tax laws and regulations, and your current situation. The goal is to prepare our clients for the lowest tax liabilities while staying within the current tax regulations. Tax planning offers many benefits for you and even your heirs when done correctly.
Benefits include:
- Lowering tax liability. The main goal for tax planning is to reduce your tax liability for income tax and any investment gains.
- Planning throughout the year, especially when you have business income, ensures you take advantage of the correct tax credits, use tax-loss harvesting techniques in your investments, and manage your wealth accordingly.
- Ensuring estate planning flexibility. Just leaving money for your heirs isn't enough. Without proper tax planning, you may be leaving your heirs with a complicated tax situation. Tax planning ensures that you lower your tax liability and the tax liability of your heirs.
- Understanding your investment returns. Without tax planning, capital gains, expenses, and even inflation can ruin your carefully thought-out investment planning.
What Does Tax Planning Require?
Tax planning requires consultation with a tax planning professional who understands your situation and helps you minimize the amount you owe on your taxes for personal and business income. We will work with you year-round to analyze your income documents, asset documents, and other financial information, such as your retirement plan contributions, balances, and estate plans. Our tax planning strategies help you get your finances in order to reduce how much you pay at tax time.
Using tax code, current tax regulations, and your financial information, will help you determine how to reduce the amount of income you lawfully report. Our firm will help you maximize your bottom line and minimize the amount you pay the government.
The most common services offered by our tax planning services include:
- Tax-loss harvesting strategy. If you have taxable investment accounts, you could be on the hook for significant liabilities at tax time. Figure out the best tax-loss harvesting strategies to use in your investments. Using a tax-loss harvesting strategy ensures your investment strategies align with your needs.
- Managing your tax bracket. Determine how to plan your income to manage your tax bracket. Offsetting certain income helps minimize what you owe on your taxes. Offsetting may include making retirement plan contributions or using other tactics to save for the future and decrease what you owe on your taxes now.
- Managing charitable contributions. In some cases, donating to charity can minimize how much you owe on your taxes. Our tax experts can help you determine if and how charitable contributions benefit you.
