Tax planning

Tax Planning Services

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The Importance of Annual Tax Planning

Schultz Financial Group offers annual tax planning as a component of our wealth management services. While often overlooked, tax planning is one of the most important pieces to a complete financial plan. A client’s unique tax situation is likely to influence investment recommendations, estate planning decisions, cash flow, net worth, etc.

Tax Planning Services

Tax planning should be a central consideration in all aspects of your wealth management strategies.

What is tax planning?

Tax planning is different than tax preparation – which is usually done by your CPA and reports what has happened in the past taxable year. Tax planning is more forward-looking as it includes reviewing your tax return, analyzing your current situation, and identifying potential opportunities to keep your overall tax liability as low as possible over your lifetime. At Schultz Financial Group, tax planning is most often a coordinated effort between us and your CPA to discuss and recommend strategies that will minimize your annual tax liability. While conducted annually, tax planning considers both the current and future years. Decisions made in the current year could influence your tax picture for several years to come.

Why is tax planning important?

Taxes touch every aspect of your Financial Matters. Your tax return is a financial fingerprint: it’s completely unique to you and holds several pieces of valuable information. Understanding your tax return is a critical component to our review and analysis of your current situation. Through analyzing your tax return, we can make recommendations that are tax-efficient and that align with your overall goals and objectives. Furthermore, we can help demystify the world of taxes through education and helping you understand this important piece of your financial picture.

What are examples of tax planning opportunities?

We evaluate a number of opportunities during tax planning, including:

  • tax-efficient retirement vehicles
  • charitable giving strategies
  • realizing capital gains or losses
  • Roth conversions
  • tax credit eligibility
  • and more.

We can run projections to see how potential changes (e.g., filing status, dependents, the sale of a business, stock option exercises, charitable giving, etc.) may impact your current and future years’ tax liability.