Taxes are a crucial aspect of financial planning. They are the charges imposed by the government on individuals and organizations based on their income, profits, or property ownership. Understanding taxes can have a significant impact on your finances. Planning for taxes can help you reduce your tax liability, maximize your deductions, and take advantage of tax-saving strategies. Taxes especially become influential for long-term goals like retirement and education funding.
It is necessary to stay up-to-date with tax laws and regulations changes, as they can affect your tax planning strategies. We recommend consulting with a tax professional to navigate the complex world of taxes and create a tax-efficient financial plan. While we don’t prepare tax returns, we do work with your tax professional to review and help mitigate your long-term tax situation. We coordinate with your other trusted advisors, such as your CPA, estate planning attorney, and others, to establish an integrated financial plan that meets your needs and works with your whole financial picture.