Navigating the World of Tax Strategies and Compliance to Maximize Your Wealth

What is my marginal tax rate? What is the best way to set up my investments in my taxable and tax-exempt accounts in order to minimize the tax impact? How much can I avoid future estate taxes?

Navigating the world of tax strategies and compliance is an important part of your overall financial plan. Income and estate tax considerations all impact the planning process. We develop investment and estate planning strategies that factor both investment and non-investment income sources and their tax implications.

We coordinate closely with your CPA to implement strategies and provide important information for the timely preparation of your tax returns. We provide your CPA detailed information about the tax implications of your investment portfolio and share information with them throughout the year as part of our role as your financial team leader.

Tax Planning Services for Businesses

Should I form an LLC?  Do I need a tax ID number?  How will my choices on organizing and operating my small business affect my future tax preparation and tax bill?  Which tax credits apply for my business situation?  These and many other questions are areas where your HB financial advisor can help you engage with your CPA to determine the best tax planning strategies for your business situation.

Tax Planning Services for Individuals

How do my choices around income or gifting or spending affect my income tax bill?  Should I accelerate income or delay it?  Should I give more this year to charity or should I wait until next year?  Are there tax credits out there that would help reduce my family income tax bill?  The tax laws are constantly changing, and your HB financial advisor can help you work with your CPA to navigate the challenging maze of financial planning decisions related to tax planning.

Strategic Tax Planning

Optimizing your game plan around taxes goes beyond the conversation about your current income tax return.  Estate planning, succession planning, business organization, and charitable planning all can have significant impacts on your current and future income tax bill.  Your HB financial advisor is looking at the comprehensive big picture to help you work with your CPA and other advisors to optimize strategic tax planning and achieve your broader goals.

Tax Planning Administrative Help

Beyond the strategic tax planning topics that drive the headlines, the simply administrative burden of collecting information for your CPA can be a real annoyance for a wealthy family.  Your HB financial advisor can help you organize and communicate tax information to your CPA, serving as the hub for collection and sharing of relevant information.  A tax memo can be prepared to help summarize your prior year investment-related tax information, including which K-1s may be delayed and what new investments have appeared that are relevant.  1099s are uploaded to a shared folder accessible by your CPA, and as revisions happen the new documents are uploaded again and your CPA is notified.  These services can help make tax time a less challenging process for the family.