Why Tax Planning Matters
While often overlooked, robust tax planning is one of the most valuable pieces of a complete financial plan, and we are excited to offer it to you.
WHAT IS TAX PLANNING?
Tax planning refers to our review of your tax return to identify potential planning opportunities – both now and in the future. This is different than tax preparation (usually done by your CPA or an online service like TurboTax), which is focused on keeping you compliant with what the government thinks you owe each year.
WHY IS TAX PLANNING IMPORTANT?
Taxes touch every part of your financial life. Your tax return is a financial fingerprint: it’s completely unique to you, complete with valuable clues and information, all of which is buried in dozens of pages and hundreds of numbers. Understanding your return equips us to have more valuable and actionable conversations with you. Additionally, we can demystify the world of income taxes and help you understand this important piece of your financial picture.
WHO IS TAX PLANNING FOR?
Everyone! Regardless of your income sources or filing status, nearly anyone who pays income taxes can benefit from having a professional review of your tax return to identify relevant planning opportunities. We may be able to identify a handful of tax-saving opportunities, both in the current year and in future years.
WHAT KIND OF OPPORTUNITIES MIGHT BE IDENTIFIED?
We will evaluate a number of opportunities during tax planning, including topics like most tax-efficient retirement vehicles, charitable giving strategies, realizing capital gains, Roth IRA conversions, tax credit eligibility, and more. We can run projections to see how potential changes (e.g., filing status, dependents, the sale of a business, stock option exercises, etc.) may impact your upcoming tax liability.
WHAT DO WE NEED FROM YOU?
Does this sound like the kind of value add you want from an advisor? Contact EKFF to discuss tax planning and all the other ways we can help you plan your financial future.
Source: Holistiplan https://www.holistiplan.com/
Categories
Recent Insights
-
Giving with Pride: Smart Strategies for LGBTQIA+ Donors
Understanding the Landscape of LGBTQIA+ Philanthropy LGBTQIA+ donors are uniquely positioned to drive meaningful change, but the philanthropic landscape remains complex and underfunded. Historically, LGBTQIA+ organizations have faced significant challenges in securing resources, often competing with larger, more established nonprofits for limited funding. This disparity highlights the importance of strategic giving to ensure that your…
-
How to Build Lasting Relationships that Propel Your Business and Elevate Your Community
As business leaders, our role in the community extends beyond charitable acts—it’s a strategic initiative that strengthens both our businesses and the communities we serve. Building meaningful community partnerships is not just about doing good; it’s about doing it strategically to foster deeper relationships, enhance your brand, and make a lasting difference. But where do…
-
Talk Your Chart | From Tax Trends to Firing a God Portfolio: Economic Insights | Episode 68
In Episode 68 of Talk Your Chart, Marcos and Brett dive into a jam-packed discussion of economic trends, market psychology, and long-term investing. From tax receipts and Social Security’s ticking clock to why even a ‘God’ portfolio gets fired—this one covers it all and more. Charts available for download here.
-
The Other Behavioral Gap: Why Total Return Investing Could Be the Key to Your Financial Freedom
What is the Other Behavioral Gap: If you’ve been investing for a while, you’re likely familiar with the first major behavioral gap: emotional investing that is driven by fear or greed. These forces drive you to buy high and sell low. It’s a pattern that often shows up when market fluctuations cause knee-jerk reactions. But…
-
A Year In Review: 10 Strategies To Fuel A Growing RIA
Growing a successful RIA goes beyond simply increasing assets under management; it involves cultivating a resilient firm culture, streamlining operations, and strategically positioning the company for long-term growth. Over the past year, our team has made significant strides in executing intentional, strategic changes that have propelled our firm forward, fostering a more productive and positive…
