Personal Income Tax Planning

Higher income tax rates have made it necessary for high-net-worth individuals to modify their tax-planning strategies. Reviewing your tax plan at least annually is key to managing your wealth. It is necessary to consider various strategies to find approaches that best accommodate your financial goals and preserve you and your family’s wealth.

Tax planning and preparation strategies need to be implemented and tracked over the course of the entire tax year. For example, 401(k) contributions must be made throughout the year. Small business owners need to address taxation issues throughout the year as well, for example, managing payroll, income, and expenses. Planning in advance is crucial to minimize your headaches and reduce the amount you owe in taxes each year.

At HBK, our focus is on helping you create, grow and protect your wealth. We help you find the financial solutions and direction that best accommodate your needs and goals. That requires a strategic approach to developing a customized tax plan. Working with you, we’ll help you minimize your tax burden while remaining in compliance with federal, state, and local regulations.

Some of the ways we help with your Personal Income Tax Planning:

Analyze the impact of tax reform on your personal and business taxes, including the 20 percent qualified business deduction.
Review and advise on the tax savings associated with reporting business taxes on a cash basis, which is now allowed for most businesses.
Ensure you are in compliance with revised IRS reporting requirements for Partnership K-1s.
Review your tax information on an ongoing basis to identify potential tax savings and planning opportunities.
Provide custom-tailored cash flow analyses and tax projections.
Evaluate various types of retirement plans, and review current retirement plans and life insurance policies.