Tax Planning/Preparation
Legacy Wealth Transitions provides tax analysis, strategies and preparation for individuals, businesses, corporations and estates. Legacy Wealth Transitions assists clients with creating a tax efficient plan and implementing the plan through various techniques and tactical positioning personally designed to reduce income, use tax credits, increase deductions and defer tax payment.
Why do tax planning?:
It arranges your financial affairs so as to minimize your tax liabilityHow do we achieve optimal results?
Step 1: Through analysis of each individual clients financial estate, including but not limited to, business, real estate and investments utilizing all tax advantages available to the client.Step 2: Develop a plan in compliance with applicable tax law while minimizing tax liability.
Step 3: Implement the plan using various entities, corporate revisions and the like. Although all recommendations may not be implemented, application of tax planning strategies is a prerequisite to achieving the proposed outcome.
Changes that may affect tax liability (not exhaustive):
- Filing jointly or separately
- Sale of an asset
- Withdrawal of retirement funds
- Gifts (when and how distributed)
- Income (when received)
- Debts/Expenses (when paid)
- Increases spendable income
- Liquidity
- Investments and growth
- Tax free benefits
- Conduct formal tax planning sessions in the beginning, middle and a review at the end of each tax year.
- Maintain a personal awareness of tax planning issues in order to save money and take advantage of all possible opportunities.
- Understand your business and how tax legislation works for you.
- Choice of accounting and inventory valuation methods
- Business entity selection
- Wages paid to family members
- Succession Plans