Tax Planning

our process

• Cost Reduction: Tax planning can help in reducing the overall tax burden by identifying available deductions, credits and exemptions. This can lead to significant cost savings which can then be reinvested or used for other financial goals. 
• Tax-Efficient Portfolio Management: A thorough understanding puts us in a better position to develop a tax-efficient investment strategy.
  
• Retirement Optimization: Comprehensive knowledge of your tax situation allows us to understand the role each of your retirement accounts plays in your overall financial strategy so we can help you maximize opportunities.
  
• Tax-Sensitive Withdrawal Strategies: One of the biggest impacts on how much tax you pay over your lifetime is the withdrawal strategy you implement. We illustrate various options so you can visualize why tax management is a critical factor when making withdrawal decisions.
  
• Ongoing Tax Management: Tax laws and regulations are constantly changing. We can show potential adjustments in your financial strategy that may help address new laws and regulations.
• Estate Planning: Tax planning is crucial for individuals who wish to pass on their assets to their heirs efficiently. It can help in minimizing estate taxes and preserving more wealth for future generations.

We consider:

• Where are tax rates going?
  
• What will income look like for you in the future?
  
• When will you use certain investments and retirement accounts?
  
• Do you desire to give any assets away to charity or family?

Common scenarios we run for our clients:

• Taking distributions from your accounts
  
• Making retirement plan contributions and evaluating pre-tax or Roth contributions
  
• Roth conversion strategies
  
• Changes in tax filing status
  
• Evaluating donations to charity via cash or appreciated securities
  
• Relocation to a higher or lower tax state
  

Coordinating With Your Tax Professional

Having a clear understanding of your tax situation allows us to collaborate effectively with your tax professional. We work with you on analysis and strategies, and then coordinate the finer details as needed with your tax preparer. As your tax preparer completes your tax return, we can help provide key financial information on your behalf and help you to implement tax strategies to make your life easier.