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Tax Planning

Taxes Concept. Chart with keywords and icons

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. 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. 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 less 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.

 
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.

If Your Goal Is Financial Independence, We Will Help You Get There

If Your Goal Is Financial Independence, We Will Help You Get There

Most people have clear financial goals, whether it’s having enough money to retire comfortably, saving enough for your children’s education, or passing accumulated wealth to future generations. Less clear is how to get there, and you may have questions such as:

  • How much risk should I take to reach those goals?
  • Will I have enough money to retire?
  • How can I save for my children’s education and save for retirement too?
  • Are there ways to minimize taxes on accumulated wealth?
  • Should I convert to a Roth IRA?
  • What impact does social security have on my tax situation?

These are valid concerns. Financial planning is complicated, and you’re busy enough with everyday life. The good news is that we have answers. As a premier financial services firm, we know what it takes to make sure our clients achieve the financial independence they deserve after a lifetime of hard work.

What we do for you:

  • Periodically review your personal financial plan as your life situation changes
  • Integrate your financial plan with your tax planning (individual and business)
  • Evaluate estate, gift tax, and trust tax strategies to preserve wealth
  • Help you understand Required Mandatory Distributions (RMDs) from IRAs
  • Analyze your current budget versus your retirement budget
  • Create a retirement income distribution plan that meets your goals

Your Partner in Achieving Financial Freedom

If you’re ready to take the next step, please fill out the contact form below, and one of our financial planning advisors will be in touch soon. It’s that simple.

It’s Never Too Early To Start Planning For Retirement

The key to successful retirement planning is developing a plan that while based on your current financial situation, also meets your projected financial goals down the road.

That’s no easy task, however. Tax rules regarding retirement plans are complex. Each benefit plan has specific requirements as outlined by the IRS and it’s important to understand the tax implications of your retirement planning choices.

If you’ve already started saving for retirement, are you confident that you’re saving enough to live the comfortable lifestyle you deserve or that you have your money in the right retirement plan for you?

If you haven’t started saving for retirement, we’ll help you figure out a plan that works for you and your family.

Retirement Planning Services:

When you use our retirement planning services, you benefit from our in-depth knowledge and years of retirement planning experience. Here’s what we do for you:

  • Evaluate your current financial situation, including assets and liabilities.
  • Create a budget that meets your retirement goals, including how much you need to contribute to your current retirement plan to meet those goals.
  • Review your Social Security account to determine the best time to begin taking your benefits.
  • Make sure that you understand how other sources of retirement income affect the retirement planning process.
  • Determine whether taking a lump-sum distribution or opting to take monthly payments is better for your particular financial situation.

Isn’t It Time You Started Planning for a More Secure Financial Future?

Whether you’re already retired, close to it, or just getting started in your career, it’s never too early to start thinking about retirement planning. 

To get started simply fill out the contact form below or give us a call. We’re happy to help!

Estate Planning Is Not Just for the Wealthy…it’s for Everyone

Planning for your family’s financial future is not just for the one percent; it’s important for everyone especially if you have a spouse or children. 

The reality, of course, is that most people do procrastinate and never get around to estate planning until it is too late. There are many reasons why this happens. Perhaps you are under the impression that it is too expensive. Maybe you just don’t want to think about death because it’s unpleasant or feel that because you are young and healthy, there’s plenty of time to worry about the future later.

Unfortunately, you could be wrong, and your family could be in for a surprise. Because if there’s no estate plan in place, then state laws dictate how your assets and property are divvied up — not you or your family.

We Are Here to Help You

If you’re ready to start planning for your loved ones’ financial future, you probably have plenty of questions. The good news is that we have answers. We’ve developed relationships with investment advisors, attorneys, and other financial professionals so that we are able to develop a long-term estate plan that meets the individual needs of every client. We also stay current on tax law changes that affect estate planning.

Here’s what else we do for you:

  • Allocating assets to spouses, children, trusts, and charities
  • Periodic review of estate planning needs as your family situation and finances change
  • Gift tax strategies
  • Business succession planning
  • Trust administration
  • Tax planning and preparation including estate, gift, and fiduciary tax returns

Don’t Your Loved Ones Deserve Peace of Mind?

If you haven’t developed an estate plan, it’s not too late.

Call our office and schedule a consultation today because you and your loved ones have nothing to lose, but everything to gain.

Providing Strategies for Transferring Business Ownership to the Next Generation – or New Leadership

Developing and implementing a well-designed succession plan is essential to the survival of any family business. Yet, while eighty-five percent of family-owned firms have identified a family member as a successor, just one in eight has a succession plan in place.

Are you one of them?

If you already have a succession plan in place, then you’re already on your way to a secure financial future, but if you don’t, we are here to help.

Succession Planning: The Cornerstone of Your Financial Future.

As trusted advisors, we assist business owners in securing financial independence by structuring their business in a way that promotes long-term success and stability. We work with business owners and their families to develop plans for transferring business ownership to the next generation or to new leadership.

If you decide to sell, we work with you to identify the financial strengths and weaknesses of your business and develop a plan to maximize its value in preparation for sale. If you decide to keep the business in the family, we work with you to prepare your successor to take over the business or identify one if you haven’t already done so.

Succession planning services include:

  • Assist with the internal transfer to a family member
  • Estate and trust tax planning
  • Gift tax planning
  • Retirement planning and tax projections
  • Business restructuring

It’s Never Too Early to Start Planning an Effective Business Exit Strategy.

Preparing a business for sale is very different than managing it. It takes time to properly prepare a business for sale to get the highest price. Business owners should start creating an exit strategy at the earliest possible opportunity.

How do you put a value on the business? Understanding the sale price of your business is based on what someone else is willing to pay for it. Periodically having a valuation prepared is a good way to help determine what you need to do in order to reach your goals.

We can help you:

  • Define an exit strategy that meets your financial and personal goals
  • Develop a buy/sell agreement to minimize risk and maximize profitability
  • Assess valuation of ownership interests to remove uncertainty and allow for proactive planning
  • Develop well structured redemption, cross purchase or hybrid agreement to reduce adverse tax consequences

If you need assistance figuring out which exit strategy is best for you and your business, simply fill out the contact form below or give us a call right now.

If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company’s direction.

Business Planning is much more than a tool to obtain financing. If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company’s direction. It can ensure that your key leaders are all on the same page and keeps both management and staff focused on the tasks at hand.

A Strategic Plan is often needed when…

  • Starting a new venture, product or service
  • Expanding a current organization, product or service
  • Buying a new business, product or service
  • Turning around a declining business

The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.

The plan allows you to…

  1. Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
  2. Justify that your plans are credible by fully researching the need being filled with your new venture.
  3. Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
  4. Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
  5. Develop management plans including full descriptions of management systems and timelines for implementation.
  6. Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.Projected financial plans allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your company’s success, and help you get the funding you require. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan.
  7. Identify building and equipment needs including vendors and cost estimates.
  8. Formulate company milestones including timelines for upcoming products and services in development.

Remember: Failing to plan is planning to fail.

Let us help you develop a powerful Strategic Business Plan that drives your business to the level of success you deserve.