Tax Planning is a Year Round Sport

Eric Ross |

Tax filing season may be over but tax planning season never ends. We work year round to help make sure all aspects of your financial plan and investment portfolio are working to optimize tax advantages for you. The extensive new tax laws have heightened the importance of tax planning based on the specifics of your circumstances.

Whether we prepare your returns or not, our tax planning service is available to all clients. Our process starts with the preparation of a tax summary. We prepare the summary based on your most recently filed tax returns. Many clients find the summary a helpful way to better understand their tax situation. We find it valuable to identify tax-advantaged planning opportunities for you.

Our tax planning process is built to be nimble and respond to opportunities presented by economic and market conditions. It is done throughout the year and not just as a one-time exercise.

A few of the areas that we commonly find where we can add value include the following.

  1. Tax efficient investing
  2. Asset location (not to be confused with the more often discussed asset allocation)
  3. Tax loss harvesting
  4. Tax gain harvesting (yes, sometimes it makes sense to harvest gains)
  5. Income distribution planning
  6. Tax aware saving
  7. Roth conversion planning
  8. Charitable giving
  9. Tax “gotchas” (e.g. Medicare IRMAA surcharges, Net Investment Income Tax, Widow penalty, etc)

We’ve prepared a video overview (scroll down to find video) of our tax summary so you’ll know what to expect when you receive it.