Our team of financial experts can help you understand your tax position by reviewing past returns and work with you on how key tax ideas work, what records to keep, and other basic steps to help you shrink your tax bill. Making the most out of your taxes is a key step towards establishing financial independence and maximizing your nest eggs.
Tax Planning and Strategy
Our tax planning strategies include:
Tax Advantaged Retirement Accounts
An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. Depending on your situation and your long term financial goals, there are plenty of options that can help you improve the growth of your savings over time. These options could include converting your IRA to Roth based on where you lie in your tax bracket and how your financial situation would be affected.
Charitable contributions can help you optimize your tax bracket and give to organizations and causes that you believe it.. These contributions can have a dual purpose – tax savings and a bigger impact. Our team can help you understand which scenario makes more sense for your situation, as well as what other limitations may apply to the charitable contributions you make.
Estate Tax Exemptions
The federal estate tax exemption—the amount below which your estate is not subject to taxes when you die—is going up again for 2022. That’s actually normal, because the amount is adjusted each year for inflation.
If you have a sizable estate, gifting assets to your children or into a trust this year can allow you to use the exemption to your advantage. Gifts made under current law would be grandfathered in, even if the exemption does decrease.
Working with estate planning attorney’s every step in the planning process can allow us the ability to maximize your legacy for future generations.
Note that on January 1, 2026, the exemption will automatically decrease to $5.49 million (albeit adjusted for inflation) unless Congress takes action, which makes it critical to begin planning your gifting strategy now.
Coordinate Your Team
When your advisory team works together, things run faster, smoother, and strategies are easier to identify and execute upon. This includes tax planning, financial planning, and estate planning. We recommend introducing your CPA to your financial advisor as well as your attorney so they can share critical documents, collaborate, and set you up for long-term financial success.
If you do not have a CPA or tax planner, we have a wide range of referral partners that we can make an introduction to match the level of service that you need.
Strategic Tax Planning For Long-Term Success
Currently, we are experiencing historically low tax rates. Our team of experts want to help you plan ahead properly and ensure financial longevity. In the near future, tax planning could become the most important part of your financial plan. We are proactive in our approach every year and some situations require quarterly, semi-annual or end of year tax planning to make sure we are doing everything we can for you.