The importance of planning.
Tax planning is a powerful tool for helping achieve financial goals of maximizing income, ensuring a secure retirement, putting away enough money for dependents' college educations, and assisting in building a foolproof estate plan that minimizes the government's take. It is our job to see that you pay no more than the law requires. Tax law has become so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you may be entitled if you prepare only one return a year. We prepare hundreds of returns each year. We know what to look for and what questions to ask you. Upon request, all clients receive a year end tax planning alert on areas to monitor before the year end.In a nutshell, the following are just some of the strategies we may utilize under applicable circumstances:
- Splitting income among several family members or legal entities under common control to maximize lower income tax brackets and other individual/entity tax attributes.
- Deferring income from one year to another in order to take advantage of years where lower incomes are anticipated.
- Shifting deductions from one year to another to maximize tax effect.
- Deferring taxes to future years through use of tax advantaged investment choices or utilizing retirement plan strategies.
- Restructuring your affairs to minimize estate taxes.