Tax Planning
Expert tax planning and optimization strategies.
Tax planning is the analysis of a financial situation or plan from a tax perspective. Our strategic tax planning services help individuals and businesses arrange their financial affairs in a way that legally minimizes tax liabilities. We work with you to develop and implement strategies that reduce your tax burden while maintaining compliance with all applicable tax laws.
Our Process
Tax Assessment
We review your current tax situation, including prior returns and anticipated changes.
Strategy Development
We identify and recommend tax optimization strategies specific to your financial situation.
Implementation
We assist in implementing recommended tax strategies, including entity structuring and timing of transactions.
Compliance Assurance
We ensure all tax planning strategies comply with current tax laws and regulations.
Ongoing Monitoring
We provide regular reviews to adjust strategies as tax laws change and as your financial situation evolves.
Frequently Asked Questions
What's the difference between tax planning and tax preparation?
Tax planning is a year-round, proactive process of arranging your financial affairs to minimize tax liability. Tax preparation is the process of completing and filing tax returns, which is reactive and focuses on reporting past transactions accurately.
How can business owners benefit from tax planning?
Business owners can benefit from tax planning through entity selection, compensation strategies, retirement plan options, timing of income and expenses, business deductions, and tax credits specific to their industry.
When should I start tax planning for the year?
Tax planning should be a year-round process. However, it's especially important to review your tax situation in the early fall to allow time to implement strategies before year-end. Major life events like marriage, buying a home, or starting a business also warrant immediate tax planning.
Benefits
- Legally minimize your tax liability
- Maximize available deductions and credits
- Strategically time income and expenses
- Plan for major life events with tax implications
- Stay compliant with changing tax laws
- Integrate tax planning with your overall financial strategy
