Tax Planning

Minimizing your potential income taxes requires a regular review of your financial picture and the current tax reduction strategies available to you. In fact, tax planning can be a year-round activity. As the old adage goes Minimize your Taxes, Maximize your Wealth! Paying taxes is an inevitable part of life. However, overpaying taxes can significantly impede your financial growth and restrict the lifestyle you desire during retirement.

That’s where a team of experienced tax professionals and financial advisors can make a real difference. By identifying deductions, credits, and exemptions tailored to your unique circumstances, they can help develop a personalized tax planning strategies that minimize your annual tax liability, maximizing your overall financial position.

The Tax Cuts and Jobs Act of 2017 was the largest overhaul of the tax code in a generation. New tax legislation made small reductions to income tax rates for many individual tax brackets. But the tax changes are only temporary and increased the standard deduction for individual and joint filers alike. In 2023, a higher standard deduction of $13,850 for individuals and $27,700 for joint filers makes it harder for high-income earners to find enough deductions to itemize going forward. In December of 2019, additional tax legislation was passed including the new SECURE Act and Taxpayer Certainty and Disaster Tax Relief Act of 2019. In December of 2022, Congress passed the SECURE Act 2.0. This highly anticipated bill is now close to becoming law. SECURE 2.0 is packed with many transformative changes, some of them impacting a broad range of high-income earners and others more focused on groups of tax payers; several modifications that can come to be just as significant in the long run as last year's "death of the stretch IRA" provision was. All three pieces of tax legislation drastically changed tax laws.