We know you work hard for your money, so it's important to safeguard your assets through proper tax planning. Tax planning considers the tax implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability.
Unplanned financial transactions can result in recurring tax fees or large tax penalties. We ensure that the financial decisions you make with our guidance take into account the potential tax consequences. While financial choices are rarely made based solely on their tax impact, we make a point to consider tax implications in order to protect your assets against unnecessary depletion.
Tax planning considers the tax implications of individual, investment, or business decisions. Whether we personally counsel you or partner with a tax professional to deliver solutions, you can rely on us to work in your best interests. Because of its complexity, we have divided this topic into five main kinds of planning:
Income Tax Planning
One goal of tax planning is to minimize deferral income tax liability. Some strategies for this include reducing taxable income through income deferral or shifting, proper deduction planning, investment tax planning, and year-end planning.
Investment Tax Planning
Investment tax planning involves evaluating how to best position assets to minimize ongoing tax payments. This requires year-round planning and begins with an in-depth understanding of the tax implications of various investments and investment strategies.
Gift and Estate Tax Planning
If you give away wealth during life or at death, you may incur deferral taxes—and, possibly additional state taxes. These taxes include gift, estate, income, and inheritance taxes. We can help protect transferred assets from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.
Business Tax Planning
Tax issues are never far from the mind of the business owner, and it’s likely that many of the decisions you make will be tax-based. It starts with the formation of your business and continues through the sale. Your choice of business entity, how you pay out profits to the owners, and your accounting decisions will all impact your tax liability.
Life Event Tax Planning
Some events in life, including retirement, marriage, and higher education enrollment, come with special tax considerations. Life event planning focuses on the immediate impact of significant life events on any financial plans you may have in place. We work with you to help determine the best way to report (for tax purposes), save, and spend for these events.
As life transitions unfold, decisions are made that may impact your financial situation. As things change, we will work with you and your tax professional to identify strategies to minimize the impact of taxes on your income and savings.
Dolan Financial Services does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.