Tax Planning

Tax planning is a dynamic process (as opposed to a seasonal event) and is a separate service from tax preparation.

Examples of tax planning include bunching expenses (such as medical) to maximize deductions, harvesting tax losses to offset investment gains, increasing retirement plan contributions to defer income, and timing capital expenditures to reap the best tax benefits.

We often connect with your financial planner to ensure our work aligns with your overall long-term financial plan.

Tax planning is something most taxpayers do not take advantage of – but should – because it can help minimize their tax liability by planning ahead.

Tax Projections

Much like annual physicals, tax projections are a way to foresee potential issues in the future. The process starts with collecting actual information up to a certain period (usually in late September to early October), then projecting for the rest of the year. We look at all sources of income including:
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•  Multiple employers or extra income
•  Interest and dividends
•  Investment gains
•  Real estate sales and purchases
•  Inheritances

You’ll want to inform us of any major life events such as marriage, divorce, births, deaths, going back to school, starting a business, etc.

We analyze the information to determine whether you are on track to pay the right amount of tax to avoid large payments or refunds when you file. Further, we consider short-term tax strategies to implement before year-end.