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Income Tax Planning

The complexities of the IRS’s tax system require detailed calculations to determine the tax effect of any change to your tax data from year to year.  Being aware of tax consequences in advance of the year end can empower you to make informed financial decisions with less stress and possibly less tax.

When would a person benefit from income tax planning services?  Whenever a person experiences a life event with significant financial implications, their tax obligations and reporting requirements will also change.  Because of tax credits, deductions, exemptions, differing tax rates for differing types and amounts of income, and the phase-out levels for all of these items, we have a VERY complex tax system.

  • Sale or purchase of home or land
  • Stock options*
  • Potential Tax Loss Harvesting - Available to non-retirement investment accounts
  • Distributions from taxable investment accounts
  • Marriage or Divorce
  • Distributions from or contributions to a retirement account*
  • Birth or Adoption
  • Career change or retirement
  • Severance benefit
  • Significant gifting to individuals
  • Significant contributions to church or other non-profits
  • College costs
  • Inheritance
  • Self-employment
  • Parent(s) become your dependent(s)
  • And many more

Without passing judgment on its merits or shortcomings, it is fair to say that our tax system has increasingly morphed into a system that not only funds our government but also a system of wealth redistribution through the use of refundable tax credits**. Because of this added complexity, planning for, paying, and minimizing your tax obligation, can be a daunting task. Moreover, this burdensome complexity can be true for all income ranges and sources of income.  

Strategic planning for a reduction, increase, or deferral of taxes is a job for a tax planning specialist. A written single or multi-year tax plans are available to current tax clients from June through November. Please call to discuss your concern or question to determine if a tax plan is in order. In addition, general tax planning questions from current clients are welcome year-round.

Family Financial Services provides you with a Certified Financial Planner™ (CFP®) practitioner and Enrolled Agent (EA), making this a unique opportunity to develop a business relationship with a credible financial advisor with knowledge in tax and financial planning* matters. In addition, since we offer tax planning under a fee-based pricing structure, conflicts of interest are never an issue.

Jeff Robinson offers tax planning as an independent engagement. The cost will vary with complexity. Please call to arrange for a complimentary, no obligation, exploratory meeting.

Our clients appreciate the convenience of having their financial planning*, investment management*, and tax services under one roof.

*Jeffry Robinson offers Financial Planning and Investment Management Services through his affiliation with Avantax Investment Servicesâ„ .

**Wikipedia - “Redistribution of Income and Wealth as of 18 May 2018” and The New American - “Tax Credit or Income Transfer, Friday, 22 March 2013.”