The focus of income tax planning is to minimize taxes by taking advantage of the various tax incentives provided within the Internal Revenue Code (IRC).

The federal government promotes their agenda through tax policy, just as they stimulate the economy through fiscal, economic, and social policies. For example, the government understands that social security retirement benefits are not enough, so they offer an incentive to those that save for retirement through IRA’s, 401(k)’s, and other retirement accounts.

We will ensure that you take advantage of the following:

Maximize pre-tax deductions to retirement plans, identifying which are most advantageous

Evaluate and recommend investment alternatives, once pre-tax options have been maximized

Explain the most effective way to pay for health benefits

Ensure that your withholding allowances are appropriate, and provide a W-4 if necessary

Ensure that deductions for 529’s and other education expenses are maximized

Review your income tax returns to verify that you are taking advantage of any applicable credits or tax incentives

Minimize income tax liability on taxable investment (non-retirement) accounts

Ensure that the appropriate investments are held in the most tax-efficient account type

Recommend which accounts to take money from, when it is time to begin either taking Required Minimum Distributions (RMD’s), or when you simply need to supplement income from other sources

Explain the value of alternative investments, such as real estate, from an income tax perspective

Track cost-basis information on taxable accounts, including cost-basis research in accounts that you may have received as a gift or inheritance many years ago

Harvest losses within taxable accounts

We have established relationships with several accountants. You can expect us to work with your current accountant, or recommend alternatives if you wish. We will generally contact your current accountant to introduce ourselves, and offer any assistance if it is needed.