Tax Planning and Preparation

Adding Value through Tax Planning and Preparation

It's said that only two things are certain in life: Death and Taxes! While you cannot do much to avoid the former, you can minimize the latter with prudent planning and foresight. Like planning for a happy and fruitful life, a well-planned tax strategy can yield great benefits—especially if done professionally and early during your wealth accumulation cycle.

Why Tax Planning Is Important

Consider this fact: If you managed to shave off just $250 from your tax bill each year through prudent tax planning and invested it at a 5% rate of return annually, you could have over $15,250 waiting for you by the time you retire in 30 years!

Delayed tax planning is like leaving potentially saveable dollars of your hard-earned money on the tax table for others to benefit. The longer you defer tax planning, the more you'll owe and pay taxes. That money could have been saved, invested, and grown through the magic of compounding.

Our Tax Planning Philosophy

Our tax planning philosophy is not centered on tax avoidance but on helping you structure your finances so you and your family aren't overburdened by undue tax liability. Careful and proactive tax planning is a significant value-add we provide to our clients, and we spend considerable time on it with clients throughout the year. Prudent tax planning can help minimize taxes, maximize tax refunds, and optimize tax-friendly investment returns.

What We Can Do for You

We assist our clients through long-term tax planning strategies, starting well before the date of filing tax returns. Here's how we can help:

  • Investment Decisions: Our tax planning advice includes deciding whether to invest with pre-tax dollars or post-tax income. How you invest and in what types of vehicles can significantly impact the taxes you pay.
  • Types of Income: We plan for the types of income you might receive—dividends, interest, annuity payments, capital gains, inheritances, employer or government benefits. Each has different tax implications, and we help you plan accordingly.
  • Future Net Wealth: We help you foresee impacts on your future net wealth. Unplanned, your net wealth could diminish due to benefit claw-backs and estate erosion through substantial taxes.
  • Estate Planning: We help mitigate possible tax impacts on your estate. A good tax plan ensures that future generations do not bear the burden of taxes due to the legacy you leave them. To provide a tax-advantaged inheritance, you need to put appropriate plans in place now, and that's where our tax planning specialists come in.

Tax Preparation Services

Our tax planning and preparation services optimize your tax strategies and ensure compliance. We analyze your financial situation, recommend tax-saving strategies, and prepare and file your tax return (1040 only) at no additional cost.

Collaboration with Other Tax Professionals

If you already have established relationships with a tax professional, we are happy to work within those contexts. Preparing your return is not a requirement; we aim to complement and enhance the services you already receive.

Take Control of Your Taxes with Step By Step Financial

By partnering with Step By Step Financial, you can confidently minimize your tax liability and secure your financial future. Our tailored tax planning and preparation services ensure that every aspect of your financial life is considered, helping you achieve your goals and safeguard your family's well-being.


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