Business and Individual Income Tax Planning and Preparation

Income tax planning is vital for business and some individual tax clients. Reviewing your tax situation prior to the end of the tax year can save you tax dollars as well as possible penalty and interest charges. Our experienced team focuses on each client’s unique circumstances and offers suggestions to help reduce tax liabilities under the current tax law for businesses and individuals in Duluth, MN, Superior, WI, and the entire Twin Ports.

We know that people don’t typically make decisions based on the tax impact of those decisions, but you should have at least a working knowledge of tax planning, estate tax issues, and the costs involved. Especially since a major goal of income tax planning is minimizing your federal income tax liability and saving you money.

For many of our clients, income tax planning includes investment tax planning where we evaluate how to position assets and conduct transactions to minimize the taxes you have to pay. But this takes year-round planning and begins with an in-depth understanding of the tax implications of various income, investments, and investment strategies.

And, naturally, there are some life events—like retirement—that come with tax implications of their own. Don’t just assume that you’ll retire into a lower tax bracket… find out!

There are also other taxes to consider if you gift away wealth. There are gift, estate, income, transfer, and inheritance taxes to consider. We can help you protect the assets you transfer and help you understand the strategies you can use to minimize those taxes.

Small business owners have another set of tax considerations to consider. How is your business structured? How do you pay out profits to owners? What accounting decisions will have an impact on your tax liability?