ax Planning Guide

Tax Planning for Individuals

We recommended many solid strategies,

Please review.........

As you know, tax laws are always changing. Congress debates whether to eliminate or make permanent certain provisions. Ask our financial planners for help in staying abreast of the latest changes and the development of strategies for tax reforms that effect your tax situation.

Consider the following . . . . . .

Tax Planning:

  • Maximize your exemptions
  • Plan around the Kiddie Tax
  • Shelter your children from earned income by establishing an IRA (Individual Retirement Account)
  • Take advantage of Tax Credits and Deductions
  • Understand and protect yourself from AMT (Alternative Minimum Tax)
  • Itemize deductions
  • Bunch deductions
  • Pay estimated state tax early
  • Donate appreciated property
  • Optimize investment interest expense
  • Understand the tax aspects of divorce
  • Claim all available home-related deductions

Education Strategies:

It is never to early to plan for educational expenses.

Ask for assistance from our Financial Planners. We can provide information on:

  • Coverdell Education Savings Accounts (ESA'S)
  • Education credits
  • 529 Plans
  • Deduction for higher education expenses

Investment Planning:

  • Dividends
  • Capital gains & losses
  • Gain on home sale

Busness Tax Planning

Choosing a Business Structure

Employer-Provided Fringe Benefits

Health Savings Accounts

Business Deductions:

  • New manufacturing deduction
  • Claim Section 179 expense
  • Lower your taxable income
  • Avoid mid-quarter convention
  • Maximize depreciation
  • Capture all travel, transportation, and entertainment costs
  • Be aware of inventory issues
  • Put your kids to work
  • Go into business with your kids
  • Deduct business losses

Retirement Strategies:

  • Individual Retirement Accounts (IRA's)
  • ROTH IRA's
  • 401(k) Plans
  • Introducing Roth 401(k)s

Estate Planning & Strategies:

  • Maximize your estate tax exemption
  • Gifting benefits
  • Lifetime gift tax exemption
  • Annual gift for exclusion
  • Gift stock to family members
  • Employ a buy-sell agreement that values your business for estate tax purposes
  • Create an employee stock ownership plan (ESOP)
  • Take advantage of the estate tax installment payment option

Early planning is key to making the most of your opportunities.