Effective tax preparation is preceded with tax planning. Where that does not happen, we will review your tax information to see if you meet reporting requirements to defer income, accelerate expenses, or if you have other beneficial options.
Tax preparation is more than just determining taxes due; use your taxes toward personal, non-tax and non- financial related check that your family plans are healthy and are being carried out.
Our techniques and methods go beyond just preparing your tax return. For no additional fees to you, we apply legal concepts toward better ensuring any estate or business plan you have implemented is reinforced and carried out. For example, we evaluate underlying property from reported income are properly titled in an applicable living trust. If such assets are not properly titled, when we deliver your tax return, we advise and counsel on how to implement your estate plan, maintain your privacy, and avoid probate.
After the passage of the Tax Cuts and Jobs Act in December 2018, 99.99% of US citizens are no longer subject to estate taxes. As of 2020 the Unified Amount (Estate Tax Credit) is $11,580,000 per person to transfer property to anyone other than a spouse. That means married couples can convey $23,160,000 estate free. Few individuals have accumulated this amount of wealth, thus the focus of tax planning for the average Americans has turned from estate to income tax planning.
Combining tax and legal techniques, we guide our clients with clear direction toward optimal tax positions.
Effective tax planning to achieve positive results should bring to bear a combination of a keen awareness of current tax laws and trends, your current situation and direction, and the results you want to achieve. Many tax planning considerations are available to you like deferring recognition of income, retirement planning, converting traditional IRAs to Roth IRAs, shifting income, freezing gains, capital gains harvesting, avoiding imputation of phantom income, accelerating expenses, and deducting non cash expenses.