Year End Tax Preparation

As Family CFO, we keep tax strategy high on our radar so Uncle Sam isn’t getting more from you than necessary. It’s likely opportunities exist for you to minimize tax liability, leaving more income for you and your family.  As we meet with our clients throughout the year, we are always looking for strategies to save on taxes.

We have found that tax planning is more advantageous when done during the year. After December 31 ^st , options become much more limited and focused on paying your tax liability. To reduce the tax bill, we implement a proactive approach to maximize savings opportunities. Rather than “letting everything play out,” we recommend doing a trial tax return before year end. Working with a Family CFO to coordinate your tax strategy early is a great way to save more at tax time.

If you expect to have income not subject to withholding, review your required quarterly estimated tax payments to avoid penalties and interest. Additionally, you can move money from ‘right pocket to left pocket’: Shelter your earned income into a retirement plan and use after-tax assets to replace your earned income. Cash flows remain the same, your tax bill decreases. If you receive a 1099 for work you do, don’t miss out on opportunities to eliminate taxes on some (or all) of this income by adopting your own personal 401(k) plan. Contact us today to learn how you can prepare for the upcoming tax season.

If you would like to learn how your own Family CFO can coordinate and implement your tax strategy, our team stands ready to assist. Your CPA may not be aware of the many moving parts in your financial life. We work directly with your CPA to ensure tax strategy is coordinated with your life. To simplify our clients lives, we provide Quarterly Estimated Tax Payment Services. Utilizing both State and   Electronic Federal Tax Payment System (EFTPS), we can make one-time, monthly, quarterly, or year-end tax payments on your behalf.

Are you ready to take the next step toward exploring opportunities to reduce and proactively manage your tax bill? Contact us today for an informal conversation to learn more!