The month of November is always a busy one for our firm. We’re meeting with clients to discuss pre- and post-election investment strategies, helping clients satisfy their RMDs from their retirement accounts, but mostly meeting with folks to discuss year-end tax planning. We’ve had dozens of meetings in the past few weeks creating 2024 income tax projections and making recommendations on ways to reduce their taxable income before the end of the year. Our Purpose-Built Planning process allows us not only to prepare our clients’ tax returns but advises them on how to take advantage of deductions to reduce their tax liability and avoid an unwelcome tax surprise next April.
From helping clients offset large capital gains by increasing their charitable giving to changing withholding on their IRA distributions, our team has created a plan to help our clients save money while they can. Many of these deductions and tax planning strategies must be realized during the calendar year, necessitating the urgency to act before December 31.
I remember years ago meeting my former CPA in April only to tell me that I could have saved significant money if I had only done something in the previous tax year. I responded that I would have done that if you had told me! The problem with traditional tax advice is that on balance it’s looking backwards, not forwards. Our process works because we advise clients on how to plan for what to do now AND in the future. Learning that you could have made an extra deduction, offset capital gains or changing withholding is information you need in October, not April. Our team combines investment expertise with tax consultation that all fits into your Purpose Built plan.
- Has your financial advisor talked to you about how to save money on your tax bill in April?
- Has your portfolio been fine tuned to account for your marginal tax bracket or to offset capital gains that you’ve realized this year?
- Has your CPA called you to develop a list of things that you need to do before year-end to minimize your tax risk?
- Have they created a tax projection for you to determine how much you will owe in April 2025?
If the answer is no to any of these questions, give us a call. You still have time before the ball drops in Times Square to ring in the New Year.
