Legacy Wealth Transitions provides tax analysis, strategies and preparation for individuals, businesses, corporations and estates.

Legacy Wealth Transitions assists clients with creating a tax efficient plan and implementing the plan through various techniques and tactical positioning personally designed to reduce income, use tax credits, increase deductions and defer tax payment.

Why do tax planning?:

It arranges your financial affairs so as to minimize your tax liability

How do we achieve optimal results?

Step 1: Through analysis of each individual clients financial estate, including but not limited to, business, real estate and investments utilizing all tax advantages available to the client.

Step 2: Develop a plan in compliance with applicable tax law while minimizing tax liability.

Step 3: Implement the plan using various entities, corporate revisions and the like. Although all recommendations may not be implemented, application of tax planning strategies is a prerequisite to achieving the proposed outcome.

Changes that may affect tax liability (not exhaustive):

Filing jointly or separate
Sale of an asset
Withdrawal of retirement fun
Gifts (when and how distributed)
Income (when received)
Debts/Expenses (when paid)

Why minimize taxes?

Increases spendable income
Liquidity
Investments and growth
Tax free benefits

Recommendations:

Conduct formal tax planning sessions in the beginning, middle and a review at the end of each tax year.
Maintain a personal awareness of tax planning issues in order to save money and take advantage of all possible opportunities.
Understand your business and how tax legislation works for you.

Tax Planning for Business Owners (not exhaustive):

Choice of accounting and inventory valuation methods
Business entity selection
Wages paid to family members
Succession Plans

To receive a FREE half-hour tax consultation, contact us via telephone at 619-955-7422 or LegacyPlanner@gmail.com.