Tax Planning

Tax planning considers the tax implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. While decisions are rarely made solely on their tax impact, you should have a working knowledge of the income or estate tax issues and costs involved. While taxes are unavoidable, we can work with our clients to manage your overall financial situation in a way that seeks to minimize taxable events. It is important to remember that, although minimizing taxes is important, attempting to achieve a proper balance of risk and return is our paramount concern. 

Income Tax Planning

A major goal of tax planning is minimizing federal income tax liability. This can be achieved by:

  • Reducing taxable income through income deferral or shifting

  • Deduction planning

  • Investment tax planning

  • Year-end planning strategies

Investment Tax Planning

This involves evaluating how to best position assets in order to minimize the amount of taxes you have to pay on an ongoing basis. This requires year-round planning, and it begins with an in-depth understanding of the tax implications of various investments and investment strategies, including:

  • The treatment of wash sales

  • Tax-exempt investments

  • Gains and losses

  • 1031 exchanges

  • Qualified dividends

  • Option strategies 

  • Tax-deferred investing

  • Passive income and losses

  • Mutual fund taxation

Gift 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. You can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.

Life Event Tax Planning

Some of life’s most important events—retirement, marriage, higher education enrollment—come with tax considerations. Life event planning focuses on the impact of taxes on such events and on the financial plan you may have in place. We work with you to determine the best way to report (for tax purposes), spend, and save for these events.

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult with a tax or legal professional regarding their individual situation.