Tax Planning

Staying on top of changes in state, federal, corporate and other taxes is a massive undertaking.  However, at Hall & Burns Wealth Management we understand that taxes impact every aspect of your financial life.  We find that all too often people confuse tax preparation and tax planning.  Tax preparation deals with reporting numbers that have already happened on the relevant tax forms, whereas tax planning is an on-going process that looks at your current and anticipated circumstances to develop strategies to more tax efficiently arrange your affairs both now and in the future. 

Tax planning can be much more powerful, and today’s environment makes it even more important.  Our clients receive proactive advice on a wide variety of tax reduction strategies based on their individual circumstances and goals.  What do tax rates look like now, and what will they look like in the future?  Which account should take withdrawals from first?  How does your retirement income affect your Medicare premium? How is Social Security income taxed?  Should I exercise my stock options now or wait?  We can help you understand how your decisions today will impact your taxes now and in the future.  Remember, it’s not how much you make, it’s how much you get to keep.