Tax Planning

Take a proactive approach to your taxes with tax planning through the use of tax projections, tax advice, and strategy building. Tax planning provides the support needed to make important financial decisions that impact your current and future tax responsibilities. When faced with making these decisions, proper planning provides the confidence needed for moving forward, minimizing surprises, and reducing risk exposure.

Individual Tax Planning

Basic Planning - Individual Tax Projection

Includes a single year and single scenario tax projection to forecast income, expenses, deductions, credits, tax, withholdings and payment assumptions based on prior and current year information and current year expectations. This can focus on either the current year or the following year of your choice and is good for avoiding those tax season surprises such as a large balance due or tax penalties and interest. Includes tax withholding change recommendations and estimated tax payment schedule. Meeting or tax planning frequency is limited to one annual engagement.

Moderate Planning - Individual Tax Advisory

Anything in basic planning plus multi-year and/or multi scenario tax projections. Also includes tax advice, tax recommendations, and implementation guidance for navigating financial decisions that impact your tax life. Meeting or tax planning frequency options are annual, semiannual, or quarterly.

Advanced Planning - Individual Tax Strategy

Includes anything in basic and moderate tax planning plus ongoing long-range strategic tax planning for complex and frequent tax planning needs throughout the year. Best for complex topics that may require tax research, tax code interpretations, and implementation guidance. We can also collaborate with other financial professionals such as investment advisors, financial advisors, estate planning attorneys, or other tax professionals to align your tax planning needs with other areas of your financial life. Meeting or tax planning frequency options are annual, semiannual, quarterly, or monthly.

Business Tax Planning

Business Entity Selection

For business owners looking to determine what business entity type best suites their businesses needs and goals. We can help you make this important decision while considering the tax consequences, opportunities, costs, and responsibilities that each entity type requires and how these factors apply to your business specifically. Common entity types to select from include LLC, Sole Proprietorship, Partnership, C-Corp, or S-Corp.

Business Financial

Forecasting

For new or established businesses that need to create a financial forecast to accurately account for startup costs, asset purchases, projected income, and projected expenses that align with current or existing operations. Having a financial forecast built using current information also helps with determining cash flow needs in advance and can help guide owners in making time sensitive business decisions at any stage of the business lifecycle. This also may be required to secure bank financing needed to start or expand your business.

Business Tax Strategies and Implementation

For businesses that could benefit from exploring un-utilized tax benefits, learning how changes in tax legislation effect their business, advice on timing significant financial events, and determining which types of tax elections to make for long-term tax efficiency purposes. In addition, we also provide implementation steps and support to make sure you have the systems and processes in place to remain code compliant.

Trust and Estate Tax Planning

Trust Tax Planning

Tax planning for a trust can help manage the total taxes paid between the trust and its beneficiaries to the extent that the trust provisions and tax code allow. Forecasting trust income can help the trustee and beneficiaries with planning for their personal estimated taxes each year and help avoid underpayment penalties and interest. We can also help with making a 663(b) election to allow for an additional 65 days into the new year to take distributions for the prior year if the trust allows or requires annual income distribution. Lastly, if the trust allows for it, income and assets may want to be split up strategically between beneficiaries to collectively minimize beneficiary tax exposure since each beneficiary's tax situation will be different.

Estate Tax Planning

Tax planning for an estate is dependent on if the decedent passed away testate (with a will) or intestate (without a will) which helps in determining what order to follow with distributing income and assets amongst beneficiaries. We can help executors of estates and the estate beneficiaries plan ahead for tax purposes to help make sure everyone is prepared for any tax responsibilities. As with a trust, we can also help with making a 663(b) election to allow for an additional 65 days to take distributions for the prior year to help the estate and beneficiaries minimize their tax exposure.