Tax Planning

When you are a W&G client, it becomes our solemn responsibility to ensure that you pay no more tax than the law requires. Doing so requires that we constantly monitor changes and revisions in the tax law that affect you, and then recommend appropriate tax-saving strategies. Please be assured that, in all tax matters, we will act as your advocate.

Remember that if you are contacted by any government agency regarding tax matters, your first call should be to us. It is our responsibility to handle any eventuality, so that you can get on with your business.

Over the years, a certain complexity and mystique have developed around tax planning and tax-cutting techniques. Another aspect of our job is to put tax planning in plain English for you.

Strategies

There are actually several basic tax-cutting strategies, and most plans involve one or a combination of them. Generally, the strategies are:

  • Splitting income among several family members or legal entities in order to ensure that income is taxed in lower brackets.
  • Shifting income from one year to another in an effort to see that it is then taxed at a lower rate.
  • Shifting deductions from one year to another to place them where the tax benefit will be greater.
  • Deferring tax liability through certain investment choices and through pension plan contributions.
  • Structuring your affairs to obtain a tax deduction for expenses paid for things you enjoy—a vacation home, for example.
  • Investing your money to produce income that is exempt from either federal or state income tax or both.

Professional Help

Today's tax laws are so complex that, in most cases, engaging a tax professional becomes a necessity. The risk of overlooking deductions and credits to which you are entitled is understandably great. Even the use of computer software programs is no substitute for the assistance of a seasoned tax preparer.

At W&G, we prepare hundreds of tax returns every year. As a result, we know what to look for to help you achieve the most cost savings. Equally as important, we can address and help resolve pressing tax issues that may arise throughout the year. Additionally,

Please call us today for a no-charge initial conference. At the meeting, we will discuss your financial and tax situation and determine how we can best help you.