Tax Planning Group

Tax Planning

While “tax season” may end on April 15, we believe tax planning is not limited to four months of the year. We are committed to helping our clients increase profits by minimizing taxes throughout the year. Tax planning also includes informing clients of the rules that affect them and avoiding unpleasant surprises. Tax planning may take the form of either a short phone call on a specific issue, or a more comprehensive written plan. We recognize that there are many planning opportunities and choices. We will help you select which choices are best suited to your specific situation and will meet your short and long term goals. We will provide saving opportunities as well a plan to implement them. A few examples are:

    Consider what form of business entity is most appropriate for your business
    What type of retirement plan will provide the greatest benefits at the lowest cost
    How should property be title to minimize estate taxes
    Defer taxes though the use of a § 1031 exchange
    Maintain proper documentation to reduce Unemployment costs
    Implement a Cafeteria plan to minimize payroll taxes
    Employ children and help fund educational costs

Tax planning for the acquisition and disposition of property:
    Like-kind exchanges
    Installment sales
    Casualty and theft losses
    Involuntary conversions

Tax aspects of life insurance, annuities and securities

Tax planning for the family:
    Intrafamily and charitable transfers
    Grantor trusts
    Divorce considerations

Compensation planning

Come to us before making financial decisions so we can analyze the tax consequences and make any modifications for a more beneficial outcome.

For more information call:
Barbara Harpold CPA at 847-367-4448, Libertyville Office