Income Tax Planning

Proactive tax planning considers the tax implications of individual, investment or business decisions, usually with the goal of minimizing tax liability.

Income Tax Planning



Although wealth management 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. By visiting the wealth universe and its modules, we assess the best strategies to help you manage or reduce the amount of taxes you pay.

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


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

Life event planning as part of income tax planning focuses on the impact of significant events in your life. Some events , like retirement, marriage and divorce, come with tax considerations which may affect the stages of your overall investment plan.

If you give away wealth during your life or at death, you may incur federal taxes—and possibly additional state taxes. Your financial advisor can help protect the assets you transfer from excessive depletion from income tax by helping you understand the various strategies used to minimize taxes.

For better income tax planning, the IRS has created a withholding tool to help you see if you should make any changes to your income tax withheld. You may access the estimator through the IRS website.

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