Tax planning is important for everyone, especially those with higher-net worth. Business tax planning is also critical, and often business owners have tax opportunities they may not even know about. We’re here to partner with your CPA to uncover annual tax mitigation opportunities as well as strategize long-term possibilities like finding ways to reduce income taxes for you, your business, your retirement, and for your ultimate legacy plan you choose to leave for your heirs, family members, and favorite charities.
For instance, we may analyze your situation and find that a series of Roth conversions before you retire may help you reduce your future tax bill if you have a lot of money saved in taxable accounts like traditional 401(k)s or IRAs. Or we can find ways to utilize your RMDS (required minimum distributions) for insurance or for charitable contributions, finding other ways to generate income that combined, are better for your overall situation. In case you didn’t know, RMDs are mandated by the IRS every year beginning at age 73, and you must withdraw the money by December 31 each year or pay a penalty—there’s no grace period to tax day. We’ll help you figure that out too.
