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Tax Planning

Your Guide to CPA Tax Planning Services

Client Centered

Our CPA tax planning services allow you to be proactive about your taxes. Every financial and investment decision you make affects your taxes. With our help, you won’t be surprised come tax time. We’ll use tax planning to make strategic decisions about your finances, maximizing your net income. Call us today to schedule an appointment and speak with one of our financial advisors.

<h2><span style="font-weight: 400;" data-mce-style="font-weight: 400;">What Is Tax Planning?</span></h2>

What Is Tax Planning?

There are many legal ways to reduce your tax burden when you file your tax return. However, if you want to minimize your taxes even further, you want to engage in tax planning ahead of time. Our CPA tax planning services include creating a financial plan that helps you minimize taxes and maximize your net income. Instead of looking for tax deductions and credits to reduce your income at the end of the year, tax planning involves taking a proactive approach to reduce your tax burden. 

This can include setting up and contributing to a traditional retirement account to increase your current year’s tax deductions. We also help you plan for future taxes using Roth accounts. Tax planning also extends to your investment decisions. For example, capital gains taxes can reduce large capital gains, which is why we use tax strategies like tax loss harvesting to offset those gains. Tax planning continues throughout your retirement years when we help you create an income distribution plan that’s most advantageous at tax time.

<h2><span style="font-weight: 400;" data-mce-style="font-weight: 400;">What Are the Benefits of Tax Planning?</span></h2>

What Are the Benefits of Tax Planning?

The obvious benefits of tax planning include being strategic about the timing of your income, purchases, and expenditures. With tax planning, you can increase your retirement savings and offset gains when it’s most beneficial to you. Using CPA tax planning services to reduce your taxable income is a legal way to minimize how much you have to pay in taxes. We can use tax planning for the current year, but it’s even more beneficial when you think about the future. For example, a Roth account may not reduce your taxable income now, but it can provide you with tax-free income in retirement.

<br/><h2><span style="font-weight: 400;" data-mce-style="font-weight: 400;">Working with a CPA on Tax Planning</span></h2><br/>

Working with a CPA on Tax Planning

At Prism Financial, our CPA tax planning services provide you with the best tax saving opportunities available, based on your financial situation. CPAs have the knowledge and expertise to use the tax code to your advantage. It’s time to be strategic about your income and expenses to maximize your net income. When you combine investment management and tax planning services, the goal is always to maximize your net income for you.

FAQs about CPA Tax Planning Services

When Should I Create a Tax Planning Strategy?

As soon as possible. Don’t wait until it’s time to file a tax return to think about your tax strategy. We can engage in tax planning anytime. The sooner you consider the tax implications of your financial decisions, the sooner you can make adjustments to minimize your tax burden.

What’s the Difference between Filing Taxes and Tax Planning?

When you file a tax return, the goal is to use tax deductions and credits available to you based on your past income and spending. When you file taxes, you don’t have the option to change the timing of your income or defer the sale of an asset.  You have to make the best of what happened. In contrast, tax planning allows you to be proactive. With the right tax strategy, there won’t be any surprises come tax time and your net income will increase. 

How Can Tax Planning Help Me?

Tax planning allows you to reduce your tax burden by being strategic about your financial decisions. It can reduce your tax burden for the upcoming tax season, but it can also help you reduce your taxes during retirement. Tax planning considers your financial decisions from every angle to find the best possible outcome and maximize your net income. 

Contact Us for Your Tax Planning Needs

It’s difficult to file a tax return, and it’s even more complicated to engage in tax planning. Our CPA tax planning services can help you with all your tax planning needs, helping you reduce your tax burden and maximize your take-home pay. If you want to keep more of your hard-earned wealth, contact our team for all your tax planning needs.