Tax Planning

Plan Ahead – Understand Taxes Beforehand

We often see new clients come to our office after they have made decisions that now mean big taxes.  Many of these clients could have reduced their taxes and increased their net value by changing the timing or by taking other actions to offset the taxes.

One common problem area is stock sales or transfers.  Using the strategy of tax loss harvesting, someone may opt to sell a stock for profit and others for loss within the same year to offset total capital gains.  Knowing that a stock can be purchased back after a 30 day wait period can avoid a “wash sale” and allow one to recover the stock traded for loss.

Or someone may hold onto the stock for more than one year to avoid “short term” capital gain higher tax rates.

Tax Planning to Maximize Your Revenue

Our goal is to keep you out of trouble with the tax authorities while maximizing the total value and revenue of your situation.  There are many ways to help you save and keep more dollars.  Some include

  • Tax deductions – there are literally thousands of ways that deduction options, we guide what is appropriate and best for you.
  • Timing  – Deciding when to buy, sell, or transfer
  • Who – Defining or changing who income is assigned to – family members, business partners, investment partners.

Personal Finances

  • Filing individually or jointly
  • Expense vs. depreciate
  • Stocks, bonds, currency, securities
  • Real estate
  • Gifts & lottery winnings
  • Inheritance and estates

Business Finances

  • Mergers and acquisitions
  • Asset sales
  • Revenue booking – where, when, what portion
  • Lease vs. Buy decisions
  • Adjustments and losses
  • Inventory write-off
  • Staffing changes and layoffs
  • Entity type – C or S Corp, LLC, LP, or other
  • Tax year changes
  • Splits and spinoffs
  • New construction
  • Government subsidy

Call Thompson CPA to discuss your situation BEFORE taxes are due and best, before you take the action that affects taxes!