Strategic Personal Tax Planning

Individual tax planning is a continuous process that aims to align your personal finances with tax obligations in order to achieve the highest level of tax efficiency. Tax planning works in tandem with other elements of a personal financial plan so that those activities are achieved in the most tax-efficient manner possible.

Aligning Your Overall Financial Plan

Comprehensive tax planning requires a deliberate review of all elements in your financial plan, such as anticipated annual income and expenses, investment earnings and retirement contributions, in order to make the most informed tax decisions. For example:

  • If the coming year’s income is expected to decrease, a taxpayer may want to accelerate deductions into the current year or defer income in the next year.
  • Alternatively, if the coming year’s income is anticipated to increase, it may be beneficial, tax-wise, to defer payment of expenses or accelerate income.

We understand how things are continuously changing in your life and are here to help you adjust your tax plan accordingly.  We work with you to find that balance between “not paying tax before it is due” and avoiding unnecessary penalties.