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Tax Planning:
No matter how much or how little Financial Planning you do, one of the biggest hurdles you'll face on a regular basis is staying on top of your tax obligations. Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or reduced. As an individual taxpayer, and as a business owner, you will often have the option of completing a taxable transaction by more than one method.
How a tax plan works.
There are countless tax planning strategies available, particularly if you own a small business. Some are aimed at your individual tax situation, some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the transaction to accomplish one or more of these often overlapping goals:

  • Reducing the amount of taxable income.
  • Reducing your tax rate.
  • Controlling the time when the tax must be paid.
  • Claiming any available tax credits.
  • Controlling the effects of the Alternative Minimum Tax.
  • Avoiding the most common Tax Planning mistakes.
In order to plan effectively, Income Tax Planning is a Year-Round Effort:
  • Get organized. Create a file for records you'll need at tax time. Remember to include income sources such as bonuses, stock sales and your spouse's earnings when computing income. If you're on track to earn more-or withhold less-than last year, it could mean that you'll owe more money at tax time. There might still be time to adjust your withholding at the company where you work. On the other hand, a big refund means you've given the government an interest-free loan all year.
  • Self-employed? Remember, the rules differ if you're self-employed. You'll have greater withholding and reporting responsibilities.
  • Save those receipts. Get in the habit of saving and filing receipts for your purchases and charitable contributions. Contributions to qualifying charities will probably be deductible. (Don't forget your non-cash donations of clothing and household goods.) Medical and dental costs, including prescription medicines, may qualify for deduction, depending on the amount. Similarly, other types of expenditures may be deductible if they meet specific criteria.
  • Be alert to changes. Will you be welcoming a new baby into the family during the tax year? Do you or a family member expect to start college? Have you received an inheritance or other monetary windfall? Do you expect to buy a home, get a raise, start a new job, get married or divorced? These are just a few examples of life-changing incidents that should prompt you to re-examine your income tax strategy.
Pay attention to deductions. Some commonly overlooked deductions that may or may not apply to your situation include:
  • Using a home equity loan or home equity credit line instead of credit cards.
  • Maximizing your retirement savings and pre-tax contributions at work. Do you qualify for an IRA? Does your employer offer a 401(k) or 403(b) retirement saving account?
  • Meeting deduction thresholds. Medical expenses and some other types of expenses only qualify as deductions if they meet a specific percentage of your adjusted gross income.
  • Don't forget job-hunting expenses. Are you looking for a job? If so, you can probably claim a deduction for related expenses, even if you're currently employed.
See the "big-picture." Every financial decision you make can potentially affect other aspects of your financial life. Taxes are no exception. Income Tax Planning should be done with regard for your general Financial Planning , Insurance Planning , Investment Planning , Retirement Planning , Estate Planning , and Employee Benefits Planning Make income tax planning a year-round endeavor.

Through a proactive approach, we study your present situation and your projected tax burden. We may be able to identify tax savings that you overlook. We then will employ sound tax-saving procedures to seek to minimize the tax burden and maximize the available tax benefits for individuals and businesses. The tax strategy in the context of your overall financial abilities, needs and goals. As your situation dictates, we work closely with your accountant and his analysis to help coordinate your overall tax planning efforts. Remember, the tax planning advice you receive could be deductible.

Let our CERTIFIED FINANCIAL PLANNER™ (CFP®) , can help you through this complex and challenging process. Please complete the Registration Form below or Please Call (732) 521-3040 or e-mail: to setup a confidential consultation.
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