Tax Planning

At Goodis & Company, P.A., we go beyond preparing tax returns and proactively recommend tax saving strategies to maximize your after-tax income through tax planning. Tax planning involves identifying siutations where your taxes will be affected, then creating strategies to minimize your tax liability.

The tax planning process should start before the transaction takes place in order to create a beneifical strategy. Also, tax planning involves running alternate scenarios to find the best apporach to reduce your taxes. Some examples of situations where tax planning can help lower your taxes are:

• Purchasing vs renting a home 
• Selling assets (stocks, bonds, stock options, real estate, etc.)
• Performing a like-kind exchange
• Investing in tax-exempt securities
• Withdrawing money from a tax deferred retirement account (401(k), IRA, etc.)
• Funding an IRA vs Roth IRA
• Contributing money to a charitable organization
• Getting married or divorced
• Shifting expenses into a year where your income is higher
• Gifting money or property to a family member
• Borrowing money for an investment or business purpose
• Using a home office 
• Incurring employee business expenses
• Starting, buying or selling a business

Remember, we work for you not for the IRS. Many of our clients save many times our overall fee in reduced tax liability through careful planning and legitimate tax strategies.