Advanced Tax Planning

Our belief is that the cornerstone to effective planning and positive long-term net worth development is sound tax strategy.  Understanding what may be the very best filing status coordinated with a developed tax strategy based upon a client’s unique characteristics is key.

Experience has shown us that quite often a client may be in a very good position as far as diversified holding in their investments, yet due to a lack of knowledge in tax regulations, they could end up in a higher marginal tax bracket due to how they are held.  We strongly believe that what is kept is equally as important as what may be earned.  A review of how you have reported your taxation over the last several years will give us a better understanding of what path you have been on up to this point in time.

Quite often, in this process we uncover items in tax preparation that have been overlooked.  When this occurs, we will assist you in recovering tax dollars from prior years that have been paid to the IRS.

We believe that if a modest tax savings can be obtained for the current year, it most likely will be replicated in following years as well.  These dollars that are now not part of your tax obligation may then be applied to long-term growth or debt management which will further enhance all aspects of your financial road map.   Taking these steps in a proactive process rather than simply having taxation prepared and reported after time has gone by through the year is critical.

*Representatives of Business Blocks 101, Inc. may recommend tax services and other products or services not offered by the advisory firm Fusion Capital Management.

Income Tax Strategies Checklist

  • Company Pensions & Profit Sharing Plans
  • 401(k) Retirement Plans
  • Simple IRA
  • IRA – Roth, Traditional
  • Catch-up Contributions
  • Coverdell Education Savings Accounts (Education IRAs)
  • Keogh/SEP Retirement Plan
  • Deferred Compensation Plans
  • SERP
  • 403(b) annuities
  • Sale and Leaseback
  • Depletion Allowance
  • Depreciation Allowance
  • Tax-Deferred Annuities
  • Life Insurance Cash Values, Death Benefits
  • Certain Employer Paid Fringe Benefits
  • Hobby-Business Losses (offsetting gains only)
  • Charitable Contributions
  • Fiscal vs. Calendar Tax Year
  • Lease vs. Purchase Equipment, Cars, etc.
  • Ownership of Property (Title)
  • Reverse Estimated Tax Payments
  • Medical Expenses
  • Casualty Losses
  • Incorporate
  • Business Ownership
  • Second Home Deduction
  • Installment Sales
  • Timing of Income and Expenses
  • Subchapter S Corporation
  • Uniform Gifts to Minors
  • Employ Family Members
  • Family Partnerships
  • Investments That Produce Tax-exempt Income
  • All Types of Tax Credits (child care, rehab, etc.)
  • Business Use of Your Home (strict IRS rules)
  • Travel Deductions
  • Use of Revocable and Irrevocable Trustsr
  • Incentive for Higher Education (Hope Scholarship, lifetime learning credit, student loan interest deduction)
Questions? Rick Durkee is an investment advisor representative and a fiduciary. Call (972) 564-4063 or click here to schedule a no obligation initial consultation.
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