TAX PLANNING

Minimize Your Tax Liability

While taxes are unavoidable, we manage your overall financial situation in a way that seeks to minimize taxable events. 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 will have a working knowledge of the income or estate tax issues and costs involved.

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

 

Evaluating how to best position assets to minimize tax exposure requires year-round planning. Our work begins with an in-depth understanding of the tax implications of various investments and investment strategies:

  • 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 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. We assess the impact of taxes on these major milestones, as well as the best way to report (for tax purposes), spend, and save for these events

Taxes

Preparing Taxes

We have all likely heard Ben Franklin’s quote about there being only two certain things in life: death and taxes.…

Armstrong, Fleming & Moore, Inc. does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

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