Tax Planning and Advisory Services

After fulfilling annual tax reporting compliance, we assist clients in planning for the future and any consequences related to family or business decisions. While your financial decisions should not be directed solely to avoid taxes, if we can assist in developing an effective tax planning strategy, those plans can have a direct impact on the amount of money you have to save and invest for you and family’s future.

Tax planning services include the following (not an exhaustive list):

  • Tax planning for retirement – setting up a plan to reduce or defer taxes by setting up a traditional IRA.  If employment is through a large corporation, availability of 401(k) plans can be a suitable plan for retirement planning.
  • Treatment of long-term capital gains versus short-term capital losses.  As of 2019, short-term capital gains, or earnings from assets owned for less than one year, are taxed at typically higher ordinary income tax rates.
  • Deferring withdrawals from tax-deferred savings to avoid penalties by developing alternative strategies for funding large purchases or family obligations.
  • Planning charitable contributions and gifts to family to maximize the impact on tax savings.
  • Providing consultation regarding your business income and integrating that with your personal financial needs.

We can work directly with your financial planner to make sure the financial plan being offered is linked to the tax planning strategy.