Tax Planning
Tax Planning Means Different Things to Different People
- A CPA/accountant/Enrolled Agents typically thinks of tax planning as doing a tax return for a client and sending them the bill for the taxes due. Some might recommend a SEP IRA or SIMPLE Plan, but they typically do not deal with real tax planning.
- An attorney thinks of tax planning as doing someone’s living trusts so the client can maximize estate tax exemptions.
- A financial planner/insurance advisor typically thinks of tax planning as the use of a 401(k) plan.
Tax planning tools come in many forms: Correct Corporate Structure, Captive Insurance Companies, FLPs, “Freeze” Partnerships, Retirement Life (a tax-free wealth-building tool), Roth IRA and 401(k) Plans, 401(k) Plans, New Comparability Profit Sharing Plans, Defined Benefit Plans, 412(e)3 Defined Benefit Plans (and carve out plans), 401(h) Plans, Cash Balance Plans, ESOPs, Charitable Remainder Trusts, Charitable Gift Annuities, Family Foundations, Intentionally Defective Grantor Trusts, Long-Term Care Insurance, HSAs, Corporate Structure, Single Premium Life Insurance (with LTC rider), Roth IRA Conversions, etc.
What we want to impress upon potential clients is that if you are not using a firm that knows the above topics and more, YOU ARE NOT receiving the best advice possible.
What does that mean? It means you are paying too much in income taxes and capital gains taxes, and ultimately that your heirs will pay too much in estate taxes upon your death.
Don’t do what everyone else does (the do-nothing position), be proactive to protect your money from the IRS and state government.
Remember, your most likely creditor every year is the IRS. Only you, with the help of qualified advisors, have it in your power to protect your money.
If you want to determine if you are paying too much in income taxes, we recommend that you take the “LOSS TEST.”
Get Your LOSS TEST Today
For help from our firm to determine how you can better position your assets or create different structures to reduce your taxes, please click here or phone 931-291-6934. To sign up for a free consultation or to just get more information click here.
Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.