Tax planning
Tax planning is an evaluation of an individual’s or business’s financial situation with respect to taxes. The purpose of having a tax plan is to maximize your “tax efficiency” by working to minimize your tax liability. There are a variety of ways to minimize tax liability; some common options include tax-efficient mutual funds, irrevocable trusts, charitable funds, municipal bonds, and traditional/Roth IRAs.
Law & Stein’s attorneys are highly experienced with respect to assisting clients in the development and implementation of pertinent strategies for reducing and/or deferring any current or future tax obligations. At Law & Stein we work closely with our clients and their financial advisors in order to provide judicious tax planning with the most cost-efficient solutions.
Tax laws can be complicated and are constantly evolving. Therefore, it is very important to take the following into consideration when a devising tax plan:
- short and long-term financial goals
- the choice of investments/retirement plans
- the cost benefit of your tax planning options
- your filing status with respect to deductions,exemptions
- maintaining tax compliance
Our attorneys provide expert counseling and advice to our clients on a wide range of tax needs, including both federal and state tax planning, in order to find the best solutions to reducing tax liability while maximizing tax efficiency.