Tax Planning

Tax planning considers individual, investment or business decisions, usually with the goal of minimizing tax liability. While decisions are rarely made solely on their tax impact, you should have a working knowledge of the income or estate tax issues and costs involved.

A major goal of tax planning is minimizing federal income tax liability. This can be achieved by:

  • Reducing taxable income through income deferral or inter-generational planning
  • Deduction planning
  • Investment tax planning
  • Year-end strategies

If you give away wealth, during life or at death, you may incur federal taxes and possibly additional state taxes. These taxes include gift, estate, and income taxes. You can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.

Tax issues are never far from our mind and it is likely that some of the decisions you make will be tax-based. Some events in life—retirement, for example, come with tax considerations. Life event planning focuses on the impact of significant events on your life as well as on the stages of your overall investment plan.

large tax refund


This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult with a tax or legal professional regarding their individual situations.

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