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Tax Planning

What will your biggest expense be over your lifetime?

It isn't the big ring you bought your fiancé, nor your need for luxury travel. It could be your gambling habit - but that rarely lasts a lifetime, does it? Nope, it's not even your home, assuming you were somewhat responsible when buying it. No matter what your job is, how much you make or how you live - your life's single biggest expense category will be the taxes you pay!

So, how are you doing managing your biggest expense? There is a lot you can do to save on taxes, and legally. 

Tax Strategies

If you are typical, you will approach retirement with a combination of tax-free (Roth IRA), tax-deferred (401k, IRA) and taxable (brokerage and savings) accounts. How much you withdraw from each type will decide how much of your nest egg you will pay in taxes. We develop tax-efficient strategies to minimize your tax bills. 

Charitable Contributions

The government, for good reason, allows you to deduct your charitable contributions from your taxable income. This deduction can be a source of strategic tax savings. Strategies such as donating highly appreciated stock or establishing a Donor Advised Fund can help you save on taxes long-term. 

Small Business Tax Planning

If you are a small business owner, we can help you take advantage of your unique ability to deduct valid business expenses against your income. Choosing the right tax structure such as an LLC, S-Corp, C-Corp or a Proprietorship can make a big difference to your eventual tax bill.

Owning a profitable business, no matter the size, can also help you turbocharge your retirement savings. Business owners have retirement options that most W2 employees don't - like Solo 401(k)s, SEP IRAs and Defined Benefit Plans. These options allow for much larger tax-deferred contributions than the typical employer plan.   

Benefits of Tax Planning

While beating the market with investment performance is very difficult, it is very easy to leave good money on the table through poor tax planning. 

By working closely with you and your CPA, we craft tax strategies that take full advantage of available deductions and credits, minimize your tax liability, and optimize your financial position

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