Tax Consulting

There are not many words that dredge up a feeling of unease and frustration more than "Taxes". That's why we want to help you to maximize your life and planning while minimizing taxes the best that we can all along the way. We do this through a number of different ways from maximizing charitable giving, reviewing income from multiple sources to take payments from the most efficient accounts, creating opportunities or tax deductions, and doing business and real estate analysis to evaluate reinvesment opportunities.  

Maximizing Deductions & Minimizing Taxes

There are a number of ways that we go about helping people to minimize their taxes and maximize their deductions and every planning opportunity is individualized to clients' situations. A sampling of examples are: 

Getting Over The Standard Deduction

By increasing your "below the line" deductions, we are able to increase your opportunities to itemize on your taxes every other year and take advantage of significant deductions. Some of the ways our clients achieves this are by paying two years of property taxes in a single year; utilizing a donor-advised fund* in order to double their charitable deductions every other year; and paying points during home mortgage financing. 

Reducing Your Adjusted Gross Income 

There are a number of ways to adjust your adjusted gross income (AGI); however, some of the most common ways that we help clients in this are: encouraging the use of a health savings account (HSA) and explaining how they can be utilized; saving for retirement in pre-taxable accounts such as 401k plans, 403b plans, 457 deferred compensation; and helping business owners consider other defined benefit or defined contribution plans that provide tax deductions. 

Never Pay Income On Gains

If you want to reduce your taxes, never paying them can be a great strategy! How we are able to help our clients achieve this is by a handful of strategic options. The first option if you are over the age of 70 and a 1/2, is to directly gift from your pre-taxed IRA to the charity of your choice. This is known as a Qualified Charitable Distribution. If you are over that age and giving to charity, gifting directly is the most efficient way to do it. The second option if you are the owner of a non-retirement investment account or stock-option account, is to gift the shares of the stocks or ETFs directly to a donor-advised fund. By doing this, you are able to give freely without ever paying taxes on the growth. The third option if you are a business owner is that you can give a portion of your business before a sale to a donor-advised fund. When the business sells, you do not pay taxes on the portion gifted, and you are also able to receive a deduction for the gift during your highest-earning year.

*Donors are urged to consult their attorneys, accountants or tax advisors with respect to questions relating to the deductibility of various types of contributions to a Donor-Advised Fund for federal and state tax purposes.