Tax Planning and Tax Preparation

Q: Do you prepare tax returns?

Yes. Our advisors take part in preparing hundreds of tax returns every year, including individual returns, returns with capital gains and losses, and small business returns.

Q: Is tax planning an extra charge?

No. Tax planning is included in every client's financial plan at no additional charge.

Q: Is a Roth conversion right for me?

It depends on your tax bracket now and later, whether you can pay the tax from money outside the account and what you want to leave to heirs. We model the outcome before you decide. Our article on Roth IRA conversions covers the basics.

We Are Tax Advisors Too

All of our advisors know the tax code well. In fact, each of us takes part in preparing hundreds of tax returns every year. How many advertisements have you heard from financial services companies telling investors to “consult a tax advisor” before acting? We have lost count. Unlike much of our industry, we are tax advisors too. That is why we offer both tax planning and tax preparation.

Every client’s financial plan includes tax planning at no additional charge. After all, a plan without a tax plan is not a complete plan. Below are the tax issues we help clients work through most often. Then you will find our tax planning and tax preparation services for individuals and small businesses.

Capital Gains and Losses

Short and long term capital gain property follow different rules, and you may be able to net them against one another. Understanding how this works can make a huge impact on your financial plan. We help you strategize around preferential tax rates. We also show you how to use potential carryover provisions to maximize your net investment earnings.

Survivorship Tax Matters

Each type of joint ownership has its own tax impact when a joint owner passes away. People who share ownership of assets in these accounts should be aware of these options. They should also know whether each one may, or may not be the right way to achieve optimal tax efficiency.

Required Minimum Distributions

Required Minimum Distributions are mandatory annual taxable distributions for the aggregate value of all your account(s) funded with pre-tax assets. It is important to know when you are responsible for taking distributions. You should also know how the additional income will affect your adjusted gross income. Individuals that may not need the additional income from their RMDs can also explore qualified charitable distributions.

Relocation Tax Issues

Thinking of making a location change for retirement? Maybe you’re generating income in two different states. Or perhaps you’re a newly minted snow bird who will spread your time in two places. These are all examples of arrangements that may cause tax issues. We make sure you understand your new tax circumstances so there are no surprises come filing time.

Annuity Withdrawals

You may own or inherit an annuity funded with qualified or non-qualified dollars. Either way, it is important that you understand the rules and implications that come with ownership. Things grow more complex if you’ve inherited a non-qualified annuity that has appreciated significantly. Having a plan of attack for distributing your annuity is just as important as funding it.

Life Insurance Withdrawals

Depending on the type of policy you own, the tax law on accessing life insurance cash values can be extremely favorable. Often, people own life insurance as a way to fund their estate after passing. Many also use it to help fund their retirement during life. If your policy has a significant cash value, learn which preferential tax provisions may be available to you. Then learn how to take advantage of them without impeding on important policy benefits.

Estate Tax Planning

One of the most integral parts of estate planning is mitigating tax implications wherever possible. The law also changes regularly with respect to exclusions, thresholds and lookbacks, which makes this harder. Because of legislative risk, the perfect plan is seldom a reality. Still, we can help you assemble a plan with added flexibility to make sure your wishes stand the test of time.

ROTH Conversions & Recapture Strategies

High net worth individuals and families often hold a large share of their liquid net worth in pre-tax accounts. This usually translates to a tax problem both during, and after life. ROTH conversions can sometimes make seeding your retirement more tax efficient. They can also provide heirs with significantly higher after tax inheritances. Niche recapture strategies can also use qualified assets to purchase life insurance, enabling transferability and tax efficiency. Only you can decide whether these strategies are right for you and your family. We’re happy to assist you in doing so.

Stock options, and Company Stock Distribution

You may have one of many variations of vested stock options. You may also hold company stock in a qualified retirement plan such as a 401(k) or an outside ESOP account. Every employer sponsored benefit package is different. So make sure you understand the risks, tax ramifications, and transferability of your company stock. That way you can make the right decisions at the right time.

Tax Planning and Tax Preparation Services

Individual Tax Preparation Services

Capital Gains and Losses

Tax Planning Services for Financial Benefits

Small Business Tax Preparation Services

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Tax Planning and Tax Preparation Questions

Do you prepare tax returns?

Yes. We handle both tax planning and tax preparation. Our advisors take part in preparing hundreds of tax returns every year. These include individual returns, returns with capital gains and losses, and small business returns.

Is tax planning an extra charge?

No. Every client’s financial plan includes tax planning at no additional charge.

When do I have to start required minimum distributions?

Under current federal rules, most people must begin required minimum distributions from pre-tax retirement accounts at age 73. The starting age rises to 75 for people born in 1960 or later. Rules change, so we confirm your dates and plan for the added income as part of your plan.

Is a Roth conversion right for me?

It depends on your tax bracket now and later. Another factor is whether you can pay the tax from money outside the account. So is what you want to leave to heirs. We model the outcome before you decide. Our article on Roth IRA conversions covers the basics.

What if I move or earn income in two states?

Living or earning in more than one state can create tax issues on both returns. We make sure you understand your new tax circumstances before you move, so there are no surprises at filing time.