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Tax Planning

The challenge with income tax lies in the definition of “taxable income.” Taxable income represents a highly complex set of interactions between different rules related to different types of income. This creates a very difficult landscape for clients to navigate when constructing financial plans. For example, individually capital gains, IRA withdrawals and Social Security may not be taxable, but when you put them together taxes snowball.

Minimizing your tax burden keeps more of your investment dollars working for you, while also ensuring you keep more of what you’ve worked hard to earn. Our financial advisors are CFPs and serve as the quarterback of your financial team, coordinating with your CPA and attorneys to build strategies aimed at reducing taxable amounts.

How Tax Planning Works

Tax planning covers several considerations, include timing of income, size, the timing of purchases, and planning for other expenditures. Also, the selection of investments and types of retirement plans to complement the tax filing status and deductions to create the best possible outcome. With sophisticated software, our planners are equipped with the essential tools to maximize the efficiency of your money. The tax consequences of interactions between multiple income sources can be so significant and unexpected that our advisors acting in the best interest of clients cannot ignore tax planning.

Our focus is not only reducing your income tax but also your capital gains tax and estate tax. With sophisticated strategies and the proper tax planning, we can greatly reduce the amount of money clients pay in taxes, which ultimately will reduce the amount of money clients may need to save for retirement. Typically this is accomplished with the use of tax-favored accounts like IRA’s and 401(k)s, and tax-favored investments like qualified dividends.

Our goal is to work with your CPA to craft a tax planning strategy that meets your needs and is inclusive of the entire financial picture. While death and taxes may be the only two certainties in life, we can work to improve the outlook for at least one of them.

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.  |  303-695-4363