Tax Planning

Tax planning considers the tax implications of individual, investment or business decisions, generally with the goal of minimizing tax liability. At Reliable Tax & Bookkeeping Services we go beyond tax compliance and proactively recommend tax-saving strategies to maximize your after-tax income.

While decisions are rarely made solely on the basis of their tax impact, you should have a working knowledge of the income or estate tax issues and costs involved.

While taxes are unavoidable, we can work hand-in-hand with you to manage your overall financial situation in a way that seeks to minimize the events that will cause you to pay taxes. Businesses and individuals pay the lowest amount of taxes allowed by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year. We are always improving our mastery of current tax law, the complex tax code and new tax regulations.

It is important to remember that, while minimizing taxes is important, trying to strike an appropriate balance between risk and return is our primary concern.

Income Tax Planning

From Reliable Tax & Bookkeeping Services we will recommend tax-saving strategies that will allow you to:

• Grow comfortably and conserve assets while preserving and minimizing overspending.
• Defer income to allow you to keep your money in cash while paying less tax.
• Reduce taxes on your income to help you save more so you can keep more of what you earn.
• Reduce your estate taxes, which will help you and your family save more.
• Reduce taxes on investments, which helps to increase your wealth in the shortest possible time.
• By reducing taxes on your retirement distributions, which encourages a proper retirement, you’ll be able to retire in style.
  
  

Fiscal planning of daily events

Some of life’s most important events (retirement, marriage, enrollment in higher education) come with tax considerations.

Planning for these situations focuses on the tax impact such situations may cause and the financial plan you may have in place.

We work at your side, to give the best advice on tax matters and to determine the best way to inform, spend and save for any of these situations.

What tax saving strategies do we use?

• Sharing the income of the majority of family members or legal entities in order to obtain a larger share of the income taxed in the lower bracket.
• Carry forward expenses from one year to the next to ensure they fall within the low tax rate period
• Defer tax liabilities through pension plans, contributions and other so-called investment options.
• Make use of certain investments to generate funds that are tax-exempt from either federal or state taxing entities.
• Seek tax deductibility through planning, which means only paying for things you enjoy, such as vacations.
  
  

Remember, we work for you, not the IRS. Most of our clients save a lot of money in reducing tax liability through proper planning and legitimate tax strategies.