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Tax Planning

Start Planning Your Financial Future Today

Many people feel like their tax bill is too high. Maybe you do too. The good news is that it doesn’t have to be. When you work with an accounting firm like ours, we make your financial success a priority.

What Is Tax Planning?

Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual investor's financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success. 

If Financial Success Is Your Goal, We Are Here to Help!

There is more to preparing your taxes than simply filling out forms at tax time. It's also about understanding our clients’ needs and helping them plan for a secure future.

Here’s how we do it:

  • Based on careful analysis of your tax situation we make sure you take every tax credit and deduction you deserve on your tax return.
  • We help you set up a recordkeeping system that meets IRS requirements.
  • We work with you all year long--not just at tax time to develop tax planning strategies that lower your tax bill.
  • We review and adjust your paycheck withholding so that it accurately reflects your tax situation and lets you keep more of your money (why give the IRS a free loan?).
  • We help you understand how to defer tax liabilities through pension plans, retirement contributions, and similar plans.
  • We make sure you take advantage of certain investments to produce tax-exempt income (federal or state or both).

Explaining Biden's Tax Plan

KEY TAKEAWAYS

  • The top individual federal income tax rate would rise from 37% to the pre-Trump rate of 39.6%.
  • The corporate rate would rise from 21% to 28%; a 15% alternative minimum tax would apply to corporate book income of $100 million and higher.
  • Individuals earning $400,000 or more would pay additional payroll taxes.
  • The maximum Child and Dependent Tax Credit would rise from $3,000 to $8,000 ($16,000 for more than one dependent).
  • Tax relief would be offered for student debt forgiveness and the first-time homebuyers credit would be restored.
  • The estate tax exemption would drop by about 50%.

Ready to Take the Next Step?

If you feel like too much of your hard-earned money goes straight to the IRS instead of your bank account, then we can help.

Simply fill out the form below or give us a call. It's that easy!

If you'd like to receive more information about our Tax Planning Service, please complete this form.

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