Tax planning is the work you do before a return is filed. It looks at income, deductions, timing, entity structure and major transactions while there may still be time to make a better decision.
A tax return explains what already happened. Tax planning asks what is likely to happen next and what choices are still available. That is especially important when income changes, a business grows, property is bought or sold, retirement approaches or a one-time transaction could create an unexpected tax result.
Planning for business owners
- Estimated tax and cash-flow planning
- Entity and compensation considerations
- Equipment, capital spending and depreciation timing
- Retirement plan and benefit conversations
- Multi-state and growth-related tax questions
- Succession, sale and transition preparation
Planning for individuals
Individuals may benefit from planning around investment transactions, retirement distributions, withholding, estimated payments, real estate activity, business ownership, charitable giving and other major changes.
When should you call?
Before the transaction, before year-end and before the tax deadline are all better than after a decision is irreversible. If something significant is changing, that is usually a good reason to ask a tax question early.
Tax planning questions
When should tax planning happen?
Tax planning is most useful before a transaction, compensation decision, entity change or year-end deadline. It is intended to help clients evaluate options before the tax return is prepared.
Is tax planning only for business owners?
No. Individuals can also benefit from tax planning when income, investments, retirement distributions, real estate or other major financial circumstances change.
Make the tax conversation happen earlier.
Tell us what is changing and what you are considering before the decision is final.
Schedule Tax Planning