Income Tax Planning and Compliance
Federal and state income taxes represent, for most individuals, their single largest expenditure each year. As a starting point in any wealth management planning, control of income tax obligations should provide for minimization of income tax with reasonable risk. Next, income tax planning should provide for projection of income tax liabilities when they are due. Appropriate planning and budgeting will allow payments, when they are due, in a controlled manner that avoids penalties and interest.
tpbs, LLP draws upon our extensive experience as professionals to provide tax planning and compliance services. In addition to becoming CPAs, all of our professionals are encouraged to continue their post-graduate education. Many of our professionals have completed graduate degrees in tax and financial planning.
We are able to provide strategies for reducing or derferring income taxes. Those areas where we have extensive experience in helping clients control income tax obligations include:
- Structuring real estate transactions to include both purchases and sales
- Structuring business purchases and sales
- Entity ownership and income splitting
- Retirement plan alternatives for deferring income
- Retirement plan and IRA distribution planning
- Tax managed investment planning
- Charitable giving planning
- Alternative minimum tax planning