Working closely with our clients and their accounting and financial planning professionals, we develop and implement appropriate strategies to reduce, affect the timing of, or shift either current or future clients’ income tax liabilities.
We recommend these strategies considering the individual’s overall financial goals with due consideration of the tax consequences.
We work with individuals, families, and business owners to customize their tax planning to best meet their goals for the present and the future. Income tax planning is an ongoing process that requires periodic reassessment as objectives, wealth, and family structure changes.
Our federal and state tax system is, likewise, an ever-changing landscape, as evidenced by the recently enacted Tax Cuts and Jobs Act. Due to the changes in the tax law, individuals are encouraged to review their tax planning strategies. Even those who have already once engaged in tax planning should consult with the attorneys at Kulzer & DiPadova, P.A to determine if their tax planning should be updated considering the new tax laws. For example, changes to the tax laws which may significantly affect an individual’s income tax planning include:
- Increase in standard deduction;
- Elimination of personal exemptions;
- Newly-imposed limitations on deductions for state and local taxes;
- Modification to the mortgage interest deduction;
- Increase in the alternative minimum tax exemption;
- Changes in qualified expenses for 529 education accounts;
- Non-deductibility of alimony payments
Many of the changes noted above will only be in effect until December 31, 2025. Nonetheless, these changes can have a large impact on a person’s income tax liabilities over the coming years. The attorneys at Kulzer & DiPadova, P.A. regularly review numerous tax strategies to determine which strategy will best fit the client’s needs, taking into consideration all relevant factors and legal implications. We examine the viability of these strategies, consider how well they are accepted by the tax authorities and measure their realizable benefits. Armed with this information, we offer our best guidance to clients and their accounting and financial planning professionals.
