Personal & Business Planning Strategies

Patrick Financial Group, L.L.C., is not a licensed CPA firm, and cautions all of our clients to work with their respective CPA's or accountants to ensure effective and strategic tax planning as a part of their overall financial plan.

Given the size and scope of the Internal Revenue Code, such planning can compartmentalize into several categories. Among the categories that affect our clients, as well as U.S. citizens on a daily basis are the following: personal tax planning, estate tax planning, capital gains tax planning, income tax planning, real estate tax planning and business tax planning.

Personal tax planning can include the process of exploring a multitude of options to best determine when and how to conduct personal transactions to take advantage of the Internal Revenue Statute. In turn, such strategies can reduce reportable income, increase allowed deductions and create the utilization of tax credits. Again, a CPA should be consulted to implement such strategies.

Estate tax planning is born of necessity, as a result of local and federal "death" taxes. This portion of the law can become very arduous and complicated, and an attorney and CPA can be invaluable to aid in the preparation of an effective estate tax planning strategy. The estate tax can be imposed on the total value of an estate upon the death of an individual. As a result, an estate - or death - tax burden might be left to surviving family members or beneficiaries. These taxes can become burdensome, so it can be crucial that one carefully and thoughtfully implement an estate tax planning strategy.

Capital gains tax planning stems from a potential tax placed on the sale of investments including, but not limited to, stocks, bonds, or real estate. Capital gains taxes can also become burdensome and it can be important for one to consult with a tax specialist to best implement a strategy to take advantage of the characteristics that capital gains tax affords savvy investors.

Perhaps the most recognized tax for U.S. citizens is the income tax. As most are aware, individuals are required to pay income tax and file annually an income tax statement for the previous year. Because of the complexity of the revenue code, taking advantage of deductions and credits can be very beneficial in an effective tax planning strategy. Please consult with a CPA or accountant to best implement your strategy.

Proper tax planning requires vigilance. It is never too early or too late to implement a plan or strategy necessary or required to best seek opportunities to lessen your tax burden. Patrick Financial Group, L.L.C., can be an integral part of your tax planning team.

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