Income Tax Planning/Preparation
Income Tax Planning
Tax planning and preparation are a critical part of the overall financial planning services we provide. Many financial decisions have a tax component that will potentially impact the advisability of a course of action. The proper management of your tax liability can have a positive effect on your cash flow, investment returns and retirement income.
Some of the often overlooked strategies that our firm considers throughout the tax planning process include:
- Evaluating securities for tax efficiency.
- Tax implications of investment placement in retirement vs. non-retirement accounts.
- Maximizing the benefit of tax deferred retirement plans.
- Assessing the tax effect of proposed transactions.
Income Tax Preparation
In addition to tax planning for future transactions, our firm prepares our clients’ individual federal and state income tax returns each year. This service helps maintain a complete understanding of the interaction between financial planning, investments, and tax decisions.
Individual income tax preparation is provided for our clients by Lighthouse’s affiliated accounting firm, Stephen C. Poplaski, CPA, CFP®.
In general, tax preparation services are included in the comprehensive financial planning fee.