Taxes affect many areas of your financial life, including income, spending, investments, and long-term planning decisions. Our wealth advisors work in coordination with our tax team to evaluate tax considerations as part of your broader financial planning strategy. Tax preparation and filing services are provided through Beam Tax, our affiliated tax preparation firm.
If you wait until tax time to meet with your CPA, you may miss many of the tax planning opportunities available during the prior calendar year. True tax planning is forward-looking and year-round. It involves meeting outside of tax season in order to make decisions before year-end. It’s not just about planning for the taxes you are going to pay this year, but evaluating how decisions today may affect future tax considerations over the next 5, 10 or 20 years.
You diversify your investments, why not your taxes? From a tax standpoint, you can broadly categorize your investments into three buckets: taxable, tax-deferred, and tax free. Having investments in all three categories gives you more planning flexibility while making withdrawals. But assets cannot be shifted at the last minute, this must be done incrementally over the course of your lifetime.
There are numerous synergies between tax planning and wealth management, and having these services integrated allows for a more coordinated approach tailored to your financial situation. By offering both services in-house, we can align your tax strategies with your financial goals. This integration saves you time and reduces duplication of information gathering, while allowing your financial plan to be coordinated across multiple areas. As a registered investment adviser, we serve in a fiduciary capacity and are legally required to act in our clients’ best interests.
Consider how tax planning fits into your long-term financial strategy.
