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HIGH NET WORTH Tax Strategies – Tax Planning

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Individual and Business Tax Advisory Services for High Net Worth Clients.  Protect Your Income from Taxation and Reduce Your Taxable Income.
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  • Tax Reduction Strategies
  • Mistakes High Net Worth Investors Make
  • College Funding Strategies
  • Managing Capital Gains
  • Converting to ROTH IRAs
  • Capitalizing on Health Savings Accounts
  • Strategically Sequencing Tax Deductions
  • Side Business Tax Advantages
  • Claim Tax Credits
  • Hire Your Children
  • Accelerate Depreciation
  • Take Advantage of the NJ BAIT deduction
  • Q: What is tax planning and why do I need it?
    A: Tax planning is the proactive strategy of organizing your finances and transactions throughout the year to minimize your federal and state tax liability while remaining fully compliant with tax laws. It helps prevent surprises at tax time, reduce your overall tax bill, and take advantage of all deductions and credits you qualify for. This includes evaluating income timing, retirement contributions, business decisions, and eligibility for credits.
  • Q: When should I start tax planning each year?
    A: The earlier, the better — ideally at the beginning of your tax year. Effective planning is year-round, not just at filing time. Waiting until March or April can cause missed opportunities, especially for retirement contributions, estimated tax payments, and investment decisions.
  • Q: Can tax planning reduce what I owe on both federal and state returns?
    A: Yes — good tax planning looks at both federal and state tax systems together. For residents of states like New Jersey, understanding unique state rules (including deductions and credits) can significantly affect your total tax strategy.
  • Q: How does tax planning differ for individuals vs. businesses?
    A: Individual tax planning focuses on income timing, retirement and investment strategies, and personal deductions/credits. Business tax planning includes entity selection, income deferral, deduction timing, employee benefits, and tax-efficient growth decisions. Both require proactive management, but the tools and opportunities vary.
  • Q: Will tax planning help me avoid penalties?
    A: Yes. Planning ahead can help ensure you make timely estimated tax payments, avoid underpayment penalties, and reduce the chance of IRS or state notices by keeping you compliant throughout the year.
  • Q: How often should I review my tax plan with my advisor?
    A: At minimum, plan on quarterly reviews or anytime you have a significant life or business event (e.g., new income source, sale of property, change in entity structure). Regular check-ins help keep your plan aligned with current law and your financial goals.