When we talk with clients about their biggest expenses, they often say it’s their house or kids. In reality, however, their largest expense usually is taxes.
Most wealth management firms avoid talking to clients about this because they don’t have the expertise and in-house CPAs like we do. With this added knowledge, we’re able to seamlessly blend tax and wealth management advice together, helping you reduce your tax burden.
Some of the key areas that we assist in include:
- Lowering taxes on investment gains and income by putting investments with high tax rates into IRAs and tax-deferred vehicles. We also use specific investments (like municipal bonds) to reduce federal, state and health care (Affordable Care Act) taxes.
- Helping business clients select the best corporate entity (e.g., C corporations, S corporations, LLC) for their situation.
- Determining the amount of payroll a small business owner should take to maximize retirement plans and minimize tax issues.
- Tax planning through the analysis of stock options, grants, etc., and what the tax impact would be to you.
- Reviewing tax returns to look for areas of tax mitigation.
- Determining what types of tax credits (e.g., low-income housing, production film credits) to pursue and where to buy them.
- Working with your CPA to update him or her on your situation and collaborate on strategies as appropriate.
Contact us to learn more.
