We provide robust tax planning for our clients. Tax planning is part of financial planning, but it deserves its own explanation.
We review your tax return each year to identify planning opportunities – both now and in the future. We want to keep your lifetime tax liability as low as possible. This is different than tax preparation (usually done by your CPA or an online service like TurboTax), which is focused on keeping you compliant with what the tax laws say you owe each year. We will provide you a personalized Tax Report each year that gives you and your accountant helpful observations and tips about your tax situation. Sometimes we solve problems clients didn’t even know they had! Proper tax planning helps us uncover all available opportunities including:
- how to fund – and withdraw from – retirement accounts,
- whether and when to convert to a Roth IRA,
- how to keep your income under the IRMAA brackets (Medicare part B),
- making sure you are taking all available deductions,
- how to keep your Social Security free from as much tax as possible,
- how to give to charity in the most tax-efficient manner,
- whether you’re eligible for tax credits,
- how to make use of capital gains and losses, and
- how employer retirement plans can be best utilized under the tax laws.