One of the strongest advantages our firm can offer you is providing a detailed tax analysis both annually and during the creation of your financial plan, helping you maximize earnings while minimizing your tax burdens. We have made tax strategy one of the most important areas within our specialization and integrate this focus into your overall plan, making necessary adjustments as tax law and your life events change over the course of our partnership.
As your advisor, we have a fiduciary responsibility to recommend the course of action that is in your best interest. To do so, it is essential that we understand your tax situation. On an annual basis we ask for a copy of your tax return. While it’s good to know your ‘top-line’ tax figures such as Adjusted Gross Income, Itemized Deductions or Standard, Taxable Income and Tax Due, it is important to get all the schedules and look at your situation in further detail. Our tax planning process ensures that all aspects of your financial plan are working together cohesively. Our reviews also provide extra peace of mind that your current tax strategies are working advantageously. After all, it’s not what you make, but what you keep.
The information we gain in reviewing your taxes can assist us with recommendations that can save you tax dollars. We’ll explore questions such as:
- Can we sell taxable assets and pay 0% tax?
- Should we be grouping deductions to take advantage of Itemized Deductions?
- Is a Roth conversion strategy good for you?
- Can we shift our investment mix to get you the more favorable 15% Qualified Dividend or Long Term Capital Gain rate?
- Do you have a capital loss carry-forward that can be used to offset gains?
On these and other tax related items, we work closely with your CPA and other professionals on your team of advisors to make sure you are taking advantage of everything at your disposal. Sometimes you’re on the right track and no action is needed. That’s great, but an analysis can help ensure you’re taking full advantage of the options available to you.