When it comes to tax planning people tend to get overwhelmed. Hiring a good accountant is a sensible investment but often not enough to get the most out of the whole process.
A financial planning professional can provide valuable tax planning advice to complement your tax professional. It is extremely important to review and consider all legal methods to minimize your taxes.
Even a good accountant can make mistakes when it comes to income tax planning. We are the second person to review your taxes, helping you to catch items your accountant may have overlooked, which can save you money!
The source of tax benefits is Congress itself, which legislates the Federal Income Tax Code. It provides tax deductions, exemptions, and credits to benefit certain activities and industries. The tax code is being revised all the time. Therefore, any tax planning recommendations that we make must be done with appropriate attention to the current laws.
What else can we do for you in terms of Tax planning:
- Preparing tax projections with software to forecast what your income is going to be and to advise on proper withholding
- Maximizing contributions to retirement accounts
- Harvesting losses
- Qualifying for Obamacare subsidies when available
- Rolling over 401(k)s and other retirement accounts to IRAs
- Consolidating accounts
- Simplifying Required Minimum Distributions (RMDs)
- Tax Managing Withdrawals from retirement accounts