Tax Planning: Making the Tax Code Work For You
Because taxes are a fact of life, tax planning is an essential component of creating abiding wealth. Taxes can take a big bite out of your portfolio, so it’s worthwhile to take full advantage of every opportunity to reduce your tax liability– money not spent on taxes is money you can use in furtherance of your personal and charitable goals.
Tax planning, simply put, is creating a comprehensive, well-timed strategy that yields the best possible outcome in terms of tax liability across all of your financial concerns. Tax planning is truly interdisciplinary because taxes touch on so many aspects of wealth management– investments, estate planning, charitable giving and financial planning, among others.
When you factor in that each component has its own applicable taxes, brackets and jurisdictions, and it’s easy to see why tax planning is so complex.
That’s why we apply a team approach to tax planning– it gives us a more holistic view of the total impact of options being considered, which yields better overall outcomes.