Tax Planning
Tax planning is the analysis of an entity's financial position and subsequent development of a business plan focused on minimizing your tax liability by maximizing tax exemptions, deductions, and other benefits in the most sound and legally permissible way.
Who can benefit from tax planning
Individuals​
-
Income tax planning (pay less, invest, & become wealthy)
-
Investment tax planning: Wash Sales, 1031 Exchanges, Tax-deferred Investing, etc.
-
Life event tax planning: Retirement, Marriage/Divorce, Higher Education, etc.
-
Gift tax planning (generational wealth planning)
Businesses
-
Entity structure planning
-
Income tax planning
-
Employee benefits planning
-
Liquidation event planning
-
Mergers & acquisitions planning
-
Lease-back property planning
-
State, Local, & Nexus planning
-
International operations planning
​
​
What are the benefits of tax planning
-
Legally reducing the amount of taxes you pay
-
Using the money saved to generate income
-
Your retirement account growing
-
Allows you to be proactive in all spending and savings rather than reacting when the tax bill comes due