Tax Planning
Expert Tax Planning Gets You Prepared for Tax Seasons and Removes the Surprises from Tax Preparation
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax-saving strategies to maximize your after-tax income. Realizing that some people are going to have to pay taxes, we create a plan for you to follow through the year to ensure that you save enough to pay your taxes when the time comes. Depending on your personal situation you may be required to pay estimated taxes throughout the year.
We will work with you to lower your tax burden by doing things like strategically timing large purchases, contributing to retirement funds that are eligible to be used as tax deductions, and timing your income to control when you become responsible for the tax on that income.
The process of tax planning and lowering your Adjusted Gross Income may also coincide with other aspects of financial planning, including planning for retirement or saving money for expensive purchases such as college for your children or a vacation of a lifetime to celebrate retirement.
The Tax Cuts and Jobs Act of 2017 Made Significant Changes to Tax Code and Effects your Tax Planning
Our tax season runs all year. We will help with everything from tax planning to tax prep. We know taxes are confusing, so we will answer any questions you have.
​
The Tax Cuts and Jobs Act of 2017 made significant changes to the Federal Tax Code. It was the first major update since 1986, and it made significant changes that affected individuals, small business owners, and businesses in general. Navigating the new law can be a confusing and daunting task.
​
We Remain Up to Date on All Current State and Federal Tax Laws, so you Can Make Educated Financial Decisions
We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. We are always on the lookout for guidance from the Internal Revenue Service as well as the New York State Department of Finance on an updated interpretation of laws. Due to the COVID pandemic, 2020 and 2021 saw several State and Federal laws passed that made temporary changes to the tax laws. These new laws created an additional level of difficulty since, in some cases, guidance was not presented until after the 2020 tax season had already begun.
All these changes are a significant reason why handling your own taxes and finances are more difficult now than ever. You need to work with professionals who remain up to date on the ever-changing state and federal tax laws.
Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
We recommend Tax Saving Strategies that help you...
-
Grow and preserve assets by keeping Uncle Sam out of your pockets.
-
Defer income so you can keep your money now and pay fewer taxes later.
-
Reduce taxes on your income so you keep more of what you make.
-
Reduce taxes on your estate so your family keeps more of what you've made.
-
Reduce taxes on your gifts so you can give more.
-
Reduce taxes on your investments so you can grow your wealth faster.
-
Reduce taxes on your retirement distributions so you can retire in style.
Other Services
We Discuss All Tax Planning Options Available to Legally Lower your Adjusted Gross Income
​
Here's just a few of the Tax Saving Strategies we use...
​
-
Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
-
Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
-
Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
-
Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
-
Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
-
Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.