Taxes are certainly among the largest expense items for many families and businesses. Therefore, questions about tax impact should generally be addressed when considering portfolio moves, or how to protect assets, or how to assure financial outcomes. This is especially true today when combined state and federal income taxes can devour half of ordinary income and a disturbingly high portion of capital gains. And with the current enormity of government expenditures and deficits, it is difficult to foresee any near-term lowering of taxation.
To provide the most comprehensive view to clients, we make available holistic tax reviews, generally on a complimentary basis.
A holistic tax review considers your overall situation including your overall resources and current and projected needs and wants, along with your desired outcomes, time frames and sponsoring institutions, foundations and causes that are important to you.
Often the results of the holistic tax review bring nice surprises. Sometimes the ability to recover previously overlooked business tax credits is discovered. Other times we uncover the ability to restructure family business activities in a way that the income from the activities can be nearly completely offset by credits and deductions from other business activities being actively favored by government incentives
One of the areas to be carefully evaluated is the potential to significantly reduce and/or eliminate the tax impact of certain capital gains, or the taxation of windfall gains, or the potential liability of having to recover previously expensed costs.
Of course it is always good to find ways to convert taxable income to non-taxed income. A favorite vehicle is to convert retirement funds to a ROTH format, however it is often avoided because of high taxation costs in most outright conversions of pension plans and other qualified plans. With a holistic approach, we are often able to highlight methods to bring the effective taxation of such conversions down to very acceptable levels.Proper tax planning can often be made even more effective by combining your desires to support institutions and causes with charitable gifts. Because of governmental incentives, it can become quite beneficial not only to the receiving entity, but to those that support those very good causes. More on that on another page of this website.To learn what may be achieved, use the contact information below. Telephone 1-855-451-0500
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© 2010 – 2022 David Albin | All Rights Reserved | Maximizing Income, Assets and Charitable Contributions in Arizona, California, Georgia, Nevada, and Utah | Insurance Licenses 9258135, 0F65634, 2762493, 545394 and 282983 Respectively | Home Offices in Morgan Hill, CA