TAX PLANNING SOLUTIONS
Reduce your tax liability.
Maximize your results.
Do you have a plan?
Effective tax planning allows a financial plan to be more meaningful while minimizing tax liability.
In other words, tax planning means either deferring or avoiding taxes by taking full advantage of the beneficial tax-law provisions, increasing tax deductions and tax credits, and by making good use of all applicable breaks that are available under the Internal Revenue Code.
Common tools used in tax planning are:
- Timing of income, purchases and expenditures
- Selection of investments and retirement plans
- Filing status
- Claiming deductions
Unknowingly individuals can make expensive tax mistakes like selling appreciated securities too soon when holding on for a little longer would have resulted in lower-taxes long-term capital gains; withdrawing from a retirement account before age 59 ½ and getting hit with a 10% premature withdrawal penalty tax.
Every financial transaction—whether you’re an individual or a business owner—has the potential to affect your tax strategy. And different types of taxation, from federal to state and local, can make planning and filing challenging.