Individual Tax Planning

Successful management of your wealth includes developing an effective tax strategy.

Developing such a strategy needs to be customized to your individual facts and circumstances and will depend upon: 

  • Your state of legal residence;
  • Planning to accelerate any unused losses or credits carrying forward from prior years;
  • Consideration of the most tax efficient ways for making your charitable gifts;
  • Maximizing the benefits from a purchase of a business or real estate;

Your tax strategy should also include a multi-year tax projection so that it can take into account the timing for recognition of income or incurring a deduction between tax years so as to maximize your benefits.

An effective tax strategy should be updated annually to take into account changes in your circumstances and to plan for the upcoming two tax years.

This type of tax planning requires knowledgeable and experienced tax professionals who are efficient and understand that tax planning needs to fit within an individual's particular situation if it is to be effective.

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