Tax Planning

Tax planning is the key to successfully and legally reducing your tax liability. Specialty Tax Advisors goes beyond tax compliance and proactively recommends tax planning strategies to maximize your after-tax income. We make it a priority to master the current tax law, complex tax code, and new tax regulations by obtaining countless hours of training on the ever-changing and complex tax laws. With shifts in the economy, technology and legislation, it’s become more challenging than ever to navigate toward financial opportunity. Through our tax planning advice and advanced strategies, we help you maximize your income and your assets today and for the future.
“Avoidance of tax is not a criminal offense. All taxpayers have the right to reduce,
avoid or minimize their taxes by legitimate means.”
IRS manual sec 25.1.1.2.4

What Is Tax Planning?

Tax planning involves structuring your financial situation in the most beneficial, legal manner to maximize profit and reduce your tax liability. Tax planning takes the effects of all provisions of the tax code into account, whether for family tax planning or business tax planning, and charts the most beneficial path for your particular situation. In today's complex environment, planning for the tax effects of your personal and business decisions isn't an option, it's a necessity.
Specialty Tax Advisors can help you chart your most effective financial course. Tax planning can involve:
We employ extensive financial modeling to test and forecast the impact of any financial decision that affects you. Using these models, we help you make the most advantageous business tax planning or family tax planning decisions.

Why Is It Important?

We're all obligated to pay taxes due, No one says you have to leave a tip! Planning to minimize taxes and to maximize profits is legal and desirable.
The tax code is complex, for both individual, family, and business tax planning. Your business specialization permits you to offer your clients expertise and knowledge gained in a particular area. It would be impossible and impractical to gain expertise in every type of business activity. The same principle applies to your tax situation.
We are experts in the pertinent IRS tax regulations. Our job is to reduce, avoid, or minimize your taxes by all legitimate means, as the IRS allows. Proper tax planning can help you keep your profits.
We employ extensive financial modeling to test and forecast the impact of any financial decision that affects you. Using these models, we help you make the most advantageous business tax planning or family tax planning decisions.

Advanced Tax Strategies:

Tax-Free Retirement Plans – Unknown future tax rates at their time of retirement make it critical to try to limit taxation on retirement funds. Both Roth IRAs and some insurance plans can limit your taxable retirement income.
Financial Modeling - Financial modeling allows us to test and verify ideas, strategies, or products to see if they are in the client’s best interest prior to making those financial decisions. With the models we are able to see all our financial products and strategies at once on one page. Understanding the impact of our decisions, we can create measurable strategies to reduce taxes while also building, protecting, and growing our wealth.
Our financial modeling service is designed to help you:
Estate Planning - Estate planning gives you the opportunity to pass your wealth on as you see fit. Your estate includes everything from your car and home to life insurance and bank accounts, and estates and inheritances unfortunately also mean taxes. Specialty Tax Advisors help you to pass on your estate with as little taxation as possible by avoiding tax traps and properly managing life insurance and other assets.
Irrevocable Trusts - Through irrevocable trusts, assets are transferred into the trust for later ownership by the beneficiary, and the grantor’s ownership is completely removed from these assets. Irrevocable trusts can include life insurance policies, cash, investments, businesses and more. The main benefits of these types of trusts are elimination of estate tax on assets inside the trust, asset protection, and avoidance of "dis-inheritance".

Within our complicated taxation system, there are many ways to be taxed on sales, income and investments, and at the same time, there are multiple ways to avoid or minimize taxation. Smart management of your liquid assets (stocks, bonds and accounts), life insurance and fixed assets is necessary to maximize your wealth. Our tax planning services help you manage your current assets and plan for your retirement and your estate with minimal tax liabilities.