Individuals
We will devise a tax strategy to minimize your liability, including application and compliance with appropriate tax laws and filings. We continually update our knowledge base to provide the most current analysis of the constantly changing tax laws.
How can I maximize my income and minimize my taxes when I retire?
There are a number of questions to consider when planning retirement. Every situation is unique and we will factor in your variables in our recommendations for allocation and timing.
- How many years do you have to build a retirement portfolio?
- What income will you require to meet your spending plans?
- Do you have health considerations that will impact your choices?
- What investments, sources of income and other resources will you have available for retirement?
- What factors might affect your tax liability?
Businesses
We help you with a balanced approach that incorporates planning a tax strategy that minimizes liability, formation of the most advantageous business entity, (whether it is a Partnership, Corporation, S Corporation or LLC) developing operating plans that account for pertinent variables, and preparation of the necessary forms and statements to keep things running smoothly as you reach your goals.
Buying a Business, Amortizing Lease Value, Saving Money
A client wanted to buy a business and was not sure which business entity to use. When we found out that the deal included assuming a low-cost lease on a huge warehouse he wanted, we advised getting a valuation on the lease and recommended forming a Corporation. This made it possible for the buyer to amortize a portion of the purchase price over a three-year period instead of the 15 years otherwise allowed. Choosing the correct business entity and analyzing the underlying assets allowed him to take advantage of this money-saving strategy.
Nonprofits
Our principals have a long history of working with nonprofit organizations and are committed to assisting them with the same attention to detail all our clients have come to expect. Our thorough knowledge of the applicable regulations often results in significant tax savings, thereby increasing the availability of their resources for service provision.
Payroll
We provide guidance on the most efficient solutions to handle tax compliance requirements for payroll including salary and benefit plans such as insurance plans, pension plans, cafeteria benefits and health insurance.
Minimizing Taxes with Gifts, Estates and Trusts
Proper planning is essential in order to make sure your money goes to the recipients of your choice and at the right time to minimize estate and gift taxes through proper gift and estate planning and compliance.
Reducing an Estate’s Tax Burden Lets Heirs Receive More Over the Long Term
We recently advised a man who was administrator of his late wife’s estate for the benefit of the children. By making distributions of income rather than principal to the children, the estate’s tax burden was reduced. The children’s tax liability was significantly lower than the 33% the estate would have paid. Then the estate delivered additional checks giving the children the amount they had paid in taxes. This strategy preserved a larger proportion of the estate for future disbursements to the children, so that they will receive the maximum amount over time.
Because we are well versed in the appropriate rules and regulations, (and we will further research particular issues when needed), we can suggest approaches that protect your funds as much as possible and still fulfill all pertinent requirements.
Complex Needs – Divorce, Terminal Illness, Providing for Children – Require Individualized Planning
A couple was divorcing and the wife had advanced MS. She was likely to have increasing medical costs and would eventually need to live in a nursing home. Both spouses wanted to safeguard her finances so that she could cover her expenses, retain the family home and provide for their children after her death. We developed a multifaceted plan that would accomplish the family’s goals as they wrestled with difficult concerns.
There are many answers to each question regarding estate and trust income tax planning. Each person’s situation is unique and requires knowledge of the options and the applicable rules. We are skilled at recommending the most suitable plan based on a client’s specific needs and objectives.
An Elderly Parent, An Adult Child with Special Needs, A Legacy for a Family’s Future
An 80-year-old woman with an adult child who has a disability wanted to protect her home and other assets for her children in the event of her own illness or death. We advised her to set up a special needs trust to provide for the disabled child in case she dies and he needs institutional care. This would protect the house and allow her to leave a portion of her estate for her other children. We referred her to a lawyer who could help her make the necessary arrangements.
Pensions
We’ll help you analyze the tax consequences involved with the various options as you plan for the future. Careful consideration of all pertinent factors helps us arrive at the best strategy for each client.
• Which plan will meet your needs both individually and for the business?
• What is the best time to implement a pension plan?
• Which plan should you choose?
• How much do you need to invest?
• What are your expectations for your employees?
• Is a pension plan appropriate or is there another instrument that will fulfill your objectives?
• When will your tax liability be lowest?