A Comprehensive Approach

What is tax planning and why should you consider it BEFORE you actually file your annual income tax return?


If you are like most taxpayers, you are more than likely to visit with your CPA or tax advisor prior to the April 15 annual deadline.  You email your W2 tax forms and provide them any new or changed personal information.  If you’re a business owner, you might be dropping off a shoebox with all your tax receipts for expenses you may have incurred the during the previous tax year.  Sound familiar?  Although you might get your return filed on time, the purpose of tax planning is to ensure tax-efficiency.  It’s important to be able to act in time prior to the tax deadline and/or before it’s too late to establish a retirement plan, pay off certain debt, utilize tax gain-loss harvesting, or contribute to your company’s retirement plan. 


Tax planning will also help you understand the impacts of potentially withdrawing from retirement accounts such as IRA’s and 401(k) plans, which may cause your marginal tax bracket to increase, your social security benefits to be further taxed or reduced.

Securities & Investment advice offered through LPL Financial, Member FINRA/SIPC. Texas Private Wealth Advisors is a  separate entity from LPL Financial.  This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice.  Each plan has unique requirement and you should consult your attorney or tax advisor for guidance on your specific situation.  In no way  does advisor assure that, by using the information provided, plan sponsor will be  in compliance with ERISA regulations.   

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