There is one thing that is certain in life. Death and taxes. In some cases, we might be able to avoid the tax problem, but being pro-active is critical. Once the year has passed and the tax returns are being done, this task is strictly compliance. Take the information and put it down on the tax return. There is very little chance of re-structuring or re-thinking how your business or personal expenses can be maximized for your benefit and not the benefit of the IRS.
When thinking about tax planning it is best to look at your situation in the middle of the year and usually toward the end of the third quarter in September. This gives time to make adjustments. As an example, if you think taxes are going up the following year, then it may actually be better to reflect more income in the present year and be taxed at a lower rate. The same holds true for expenses. If tax rates go up in future years then having more expenses in those future years will be a benefit.
San Diego Estate & Tax Planning
Our counsel to our clients includes advanced planning designs and strategies that take full advantage of numerous benefits to shield you and your family from the ravages of the estate tax. We regularly work with our clients in preparing children’s trusts, life insurance, generation skipping and charitable trusts. These Trusts are specially designed to your values and beliefs about how you would like your children, grandchildren and charities to receive your money in ways that it will be preserved.