One of the biggest tax mistakes that people make is taking a passive approach to their taxes. Considering tax strategies can greatly reduce the tax burden of individuals and businesses. You can pay lower taxes by implementing legitimate tax strategies with good planning.
We work for you, not the IRS. There are many legitimate tax strategies that can reduce your tax bill in the short term and over time. Here are just a few of the tax strategies we use:
- LLC/Sole Proprietor small business election to lower self employment tax and medicare tax on high wage earners
- Reducing impact of the new investment tax if clients have the potential to reconsider investment strategies or be actively involved
- Shifting income from high rate years to years with lower tax levels anticipated
- Deferring tax liabilities through investment with retirement plans
- Splitting income legitimately amongst family members
- Reducing taxes on charitable giving by donating certain types of assets or structuring in a favorable tax manner
- Reducing taxes on your estate by structuring trusts and asset sales or transfers in a way to pass more to your family and loved ones
- Deducting business travel and vacations
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