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.
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.
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.
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.