Tax Planning
It’s said that only two things are certain in life: Death…and Taxes! And while there’s not much you can do to avoid the former, with prudent planning and foresight, there’s a lot you can do to minimize the latter. However, similar to planning that goes into living a happy and fruitful life, a well-planned tax strategy can potentially yield great benefits.
Our Tax Planning philosophy is not centered around tax avoidance, but rather on helping you structure your finances, so you and your family aren’t overburdened by undue tax liability over time.
Tax Preparation
- Usually backward looking
- Aim to lower taxes in THIS tax year
Tax Planning
- Usually forward looking
- Aim to lower taxes over your LIFETIME
How We Can Help You:
Long-term Tax Planning strategies
While the best advice you can get is: Save. Save. Save…as much as you can. The next best advice is: Be careful how you invest those savings. Our Tax Planning advice will include considerations on whether you should invest with pre-tax dollars, or post-tax income. How you invest, and in what types of vehicles, can make a significant difference to the taxes you pay. We can help you navigate through the various advantages and disadvantages of choosing one strategy over another.
Tax Implications of income
When planning for tax impact on your income, we’ll also plan for the types of income that you might receive: Dividends, Interest, Annuity payments, Capital Gains, Inheritances, Employer or Government benefits. While all of these are potential income streams in retirement and before, each has different tax planning implications.
Tax Projections
Through our planning together we will help you project impacts to your future net worth. If left unplanned, your net worth could be diminished due to likely claw-backs to benefits, possible higher future taxes, possible additional charges for your Medicare, and the possibility of erosion to your estate through substantial taxes.
