Tax Mitigation Strategies

Have you ever stopped to think about all the taxes you pay? Most people immediately think of income taxes, but we not only pay taxes when we earn our money, we also pay taxes when we spend and save our money. In addition, some of us even owe taxes at the time of our death!

As taxpayers, we have a responsibility to pay our fair share of taxes. However, the Internal Revenue Code (IRC) contains thousands of pages of tax-saving opportunities that most of us, including many of our CPAs, simply don’t know exist or how best to implement them. It just makes sense to eliminate or minimize taxes where we can.

Think of your assets as being held in three tax buckets. The first are assets that are taxed Now, the second are assets that are taxed Later, and the last are assets that are taxed Never.

In which bucket would you like the majority of your money?

By reviewing your current tax position and asset holdings we can provide recommendations that will help to minimize your tax exposure. Whether it is finding a way to shift more assets to the taxed Never bucket, dealing with highly appreciated property, reduce the tax on qualified money like an IRA, or offsetting an unexpected capital gain there is usually a creative way to lower or eliminate the tax burden. If you are a business owner, you have some special tax saving opportunities.

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