Tax Planning
Business Tax Planning: Tax issues are never far from the business owner’s mind, and many of your decisions will likely be tax based. A comprehensive business tax plan should weigh the following factors:
- Business entity choices
- Deductible expenses
- Income and losses
- State tax planning
- Benifit planning
Gift and Estate Tax Planning: If you give away wealth, during life or at death, you may incur federal taxes—and possibly additional state taxes. These taxes include gift, estate, income, and inheritance taxes. We’ll help protect the assets you transfer by preparing strategies to minimize:
- Federal death taxes
- Generation-skipping transfer tax
- State death taxes
- Taxation of trusts
Life Event Planning: The significant events in your life come with tax considerations. Your wealth management plan will evaluate the tax implications of:
- Education expenses
- Marriage or divorce
- Retirement
- Inherited wealth
- Terminal illness
- Death in the family
Income Tax Planning: Minimizing federal income tax liability can often be achieved by reducing taxable income through income deferral or shifting. Other strategies and factors that can affect your income tax burden are:
- Timing of deductions
- Alternative minimum tax
- Charitable deductions
- Estimated tax payments
- Kiddie tax
- Social security benefits
Investment Tax Planning: We’ll closely evaluate how to position your assets to minimize the annual taxes you must pay on an ongoing basis. This requires year-round planning, and it begins with an in-depth understanding of the tax implications of these factors:
- Gains & losses
- Mutual fund taxation
- Qualified dividends
- Tax-deferred investments
- Tax-exempt investments
- 1031 exchanges
- Wash sales