Proactive tax planning often results in a reduced tax bill for our clients. Planning ahead will also give you a better idea of how much money to prepare to pay your taxes, and what you could potentially do to defer or reduce your future tax liability.

When developing a tax plan, we consider your sources of income, whether that income has limitations placed on them that we can work around, whether we could take advantage of any deductions to reduce that income, and whether there are any tax credits available. We will generally forecast income and determine whether or not it is appropriate to defer taxes until future dates, wherein you may be subject to higher or lower tax brackets.

Yes. We assist both individuals and businesses with reducing their tax liability.

Yes. In the case of business owners, this will generally go hand-in-hand with our bookkeeping services.

Yes. Investments and capital gains are often the most ripe for tax savings with strategic decision-making. It is often difficult to claim capital losses and passive activity losses. Savvy tax planning can enable you to take advantage of these losses and defer your tax benefit for as long as possible.

Your tax basis is the amount subtracted from your gross sale of an asset to determine your gain or loss. A "step-up in basis" occurs when an asset is given a new basis that is higher than the previous basis.

This is most common with inherited assets. Upon death, assets are adjusted to fair market value and often receive a step-up in basis as a result.