Tax Planning

Comprehensive Tax Planning to Support Your Financial Goals

Effective tax planning is an ongoing process that considers your entire financial situation and how to best take advantage of current or changing tax laws. The tax code is an evolving document of enormous complexity, despite congressional leaders advocating a simplified tax system. 

At Commonwealth, we make complex tax laws—and their ramification to your individual circumstances—both understandable and useful. We also consider how life changes such as marriage, the birth of a child, a new business, divorce, or death can affect your tax liability. Whether your financial goal is a comfortable retirement, paying for a child's education, preparing your estate, or all of the above, good tax strategies should be part of your plan. That's because the money you save through tax-advantaged strategies can be used to fund your goals.

Throughout the financial planning process, we have an eye on the tax consequences of each recommendation. Every tax dollar that you save frees up funds to support your goals, from sending children to college and funding your retirement to building a business and providing for your children and grandchildren in the future.

Below are some of the tax planning strategies we may have you consider:

  • Maximizing retirement plan contributions
  • Taking advantage of employee benefits
  • Utilizing medical deductions
  • Employing strategies for charitable deductions
  • Gifting appreciated assets
  • Saving in tax-favored accounts
  • Selling specific investments to offset other income
  • Utilizing strategies to reduce the alternative minimum tax
  • Customizing your portfolio to permit personalized tax management of your investments
  • Minimizing taxable gains by readjusting your portfolio at year-end to offset gains and losses
  • Deferral strategies employing certain investment vehicles that postpone the payment of taxes

We will work with your accountant or tax attorney to provide you with a solid tax strategy so you can capitalize on opportunities and help avoid pitfalls. At Commonwealth, we remain up-to-date on current tax laws to help you avoid costly mistakes and benefit from available tax breaks. Because of our knowledge and experience in this area, we are better positioned than most advisors to provide you with investment strategies that can potentially minimize your tax burden and allow you to keep more of what's yours.

Commonwealth Financial Network® does not provide tax advice. Materials provided are for general information purposes only and does not constitute either tax or legal advice. Investors should consult a tax or legal professional regarding their individual situation.