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Planning
Planning Services
Our team of CPAs and financial experts offer planning for individuals, businesses, trusts, and estates. We cover many topics like tax efficiency, tax compliance, accounting, payroll, wealth management, audit defense, policy & procedures, etc. For more information, please visit that main services page, or contact us directly.
Planning is the delivery of value. A business client can save over $30,000 per year. A non-business client can save thousands in taxes per year. The savings may be immediate or delayed. Savings may be measurable not only in dollars, but in time and peace of mind. We can measure the expected tax savings that may occur now and into the future. But we can’t always measure the benefit of recommending proper audit defense techniques or proper accounting procedures. Some elements of our planning provide peace of mind or reduce client time on projects, and that value isn’t easily measured in dollars. But every aspect of our planning adds value.
Implementing new tax strategies takes time and coordination to implement. The process involves introducing the strategy, implementing it, discussing best practices, reviewing audit defense techniques, and providing quality control. Multiple meetings are usually necessary, and follow-up meetings may happen over years. Due to the time commitment, we may bill separately for new proposals and implementation of a new strategy. This billing will be in addition to our scheduled meeting fees. Qualifying wealth management clients are not billed for new tax reduction strategies.
Scheduled Meetings
All clients are welcome to periodically scheduled planning meetings. Follow-up meetings will be scheduled as needed to conclude any discussions.
Furthermore, all clients are welcome to call us at any time regarding immediate financial matters. Taxation happens, and tax events need to be addressed. For example, if a client plans to sell a rental property and has questions or needs a tax projection, we welcome a call even if they are not part of our planning program. The topics are limited to the event and may not be a part of a greater wealth plan.
Scheduled meetings cover a set agenda, as listed below, and as time permits.
Meeting Agendas
Standard meeting topics may include:
- Client Q&A
- Discussing changes in financial activity
- Tax compliance issues to enhance deductions and audit defense
- Review of strategies already implemented
- Proposal and quote for implementing new tax strategies (billed separately)
- Tax projections
- Tax law updates
- Economic updates
- General discussions related to:
- Retirement planning
- Education planning
- Investment planning
- Risk management
- Debt and cash flow
- Special situations
- Legacy planning
Tax Planning Examples
The following are just a few examples of how we’ve helped our clients; however, our services extend well beyond what is listed here.
Paying Your Kids
We helped clients reduce their tax burden by employing their kids.
The kids were placed on payroll to create a business deduction. Because the kids have W2 income, they funded their IRAs to prepare for college. The clients helped pay for future education while saving thousands in taxes directly. Also, the IRA, where savings are held, will allow funds to grow and compound tax-free, saving thousands if held until retirement.
Pension Funding
We helped many business clients implement pension funding to reduce their business and personal taxes. The tax reductions have reached hundreds of thousands per year. The assets are growing and compounding, creating a large retirement pool.
Staying Up-to-Date
We educate clients on new tax laws and why they should participate in them. For example, we have convinced clients to utilize the PEET deduction to reduce their federal taxes while generating a CA, OH, NY, and other state credits. These special laws have saved many thousands of tax dollars and improved cash flow by reducing the personal out-of-pocket state estimates.
Roth IRA and Tax Conversions
We have modeled IRA conversions to help reduce future taxes and IRMAA surcharges. This has saved a significant amount in taxes while improving cash flow through reduced Social Security expenses.
8 Planning Realms
Tax Planning is a component of each planning realm below.
1. Retirement Planning
Retirement Funding
Retirement Plan Coordination
Retirement Income Projections
Social Security Planning
RMD Coordination
Traditional & Roth IRA Planning
Reduction of Retirement Taxes
2. Legacy Planning
Review Wills and Trusts
Succession Planning
Charitable Planning
Disabled Dependent Lifetime Support
Reduction of Legacy Taxes
3. Investment Planning
Portfolio Management
Portfolio Rebalancing
Portfolio Consulting
Tax Loss Harvesting
Tax Aware Investing
Please see our sister company Grigg Wealth Management.
4. Risk Management Planning
Insurance Review
Life Insurance Planning
Disability Insurance
Home, Auto, Umbrella Insurance
Health Insurance
5. Debt & Cash Flow Analysis
Budgeting
Debt Reduction
6. Education Planning
Education Planning
529 Plans & Strategies
Education Savings Accounts
Pre-paid College Plans
Private School Tuition Funding
Reduction of Taxes via Education Funding
7. Business Planning
Payroll Planning
401k, SEP IRA, SIMPLE IRA Planning
Business Formation Consulting
Business Succession Planning
Sale & Acquisition Consulting
Business Benefits Consulting
Reduction of Business TaxesGeneral discussions, but no calculations, related to Retirement planning, education planning, investment planning, risk management, debt and cash flow, special situations, and legacy planning.
8. Special Situation Planning
Buying a Home
Weddings
Disability Planning
Vacations or Travel
Divorce Planning
Reduction of Taxes Caused by Special Events