Personal Tax Specialists

Everyone’s tax situation is unique, but the one constant piece of advice is to keep organized records to track tax deductions. Common tax deductions include education expense, moving expense, medical expenses, mortgage and investment interest, state income and property taxes, charitable contributions, investment advisor fees and employee business expenses. Income deferral strategies can range from a one-year deferral associated with the timing of receipt of income to the long-range deferrals associated with retirement planning or looking at tax-efficient investments. There are also several credits that can reduce your taxes but in many cases these credits disappear as your income increases. A key piece to tax planning is timing to get the benefits of potential tax credits.

Our advice is to look at a longer-term view of your tax picture to ensure you are paying the lowest effective tax rate possible.  The critical component to this strategy is timing. Where possible, you should thoughtfully plan the receipt of income or payment of tax deductible expense to pay the overall lowest tax rate.

The sale of a business can have a dramatic effect on your income taxes. Long term planning is the key to minimizing the tax cost of a business transition. We would welcome the opportunity to review your situation with you.