Tax Planning

Tax planning must be an integral part of your overall financial planning for your business and/or your personal goals. Tax planning encompasses a logical analysis of your financial situation or plan, from a tax perspective, to determine the optimal strategies to shift or lessen current and future tax liabilities as necessary to meet your short and long term financial objectives.

Liscombe & Parrella can help you with the timing of income, deductible purchases and other expenditures, selection of investments, types of retirement plans, as well as filing status and common deductions, how best to take advantage of tax credits, etc..

Events in your life can have a huge impact on your tax situation. Some of these events you can prepare for, others are unexpected and sudden, yet most of them can be planned for from a tax perspective.

Personal Life Situations, Changes and Events That Can Affect Your Taxes

  • Marriage
  • Birth of a child
  • Divorce
  • Death
  • Retirement
  • Job changes
  • Home purchase/sale
  • Education for yourself and/or your children
  • Exercising stock options
  • Retirement plan options, for example IRA versus Roth

Business Decisions And Operational Requirements That Can Affect Your Taxes

  • Equipment purchases
  • Business expenses
  • Employment taxes
  • Corporate dividend exclusions
  • Retirement plan
  • Affordable care tax act provisions
  • Estimated quarterly taxes
  • Changes in Federal, State and Local taxes

Planning for your taxes can help reduce your tax liability and help prevent surprises. Nothing is worse than getting a letter from the IRS or the Massachusetts DOR, informing you that you owe taxes that you did not anticipate. And you were just going to book that vacation, or purchase the printer that was going to improve productivity in your business.

Call us at 508-520-2728 for a free consultation