Tax Planning Tips for Individuals and Business Owners


Winston Churchill famously said “Failing to plan is planning to fail,” and while relevant in many facets of life, this certainly applies to taxes. When individuals and business owners only start thinking about taxes as Tax Day approaches, they are putting themselves at a great disadvantage.

Quite a lot goes into a comprehensive tax plan, which is why it’s always a good idea to work with an experienced advisor. This professional will offer you strategies and investment advice that will help you generate the most wealth while reducing your tax liability.

Why You Can't Overestimate the Importance of Tax Planning

A large percentage of people don’t think about taxes until they have to, and then they scramble to get them done. As a result, they often pay more than they need to.

With comprehensive – and continuous – tax planning, both individuals and business owners will reap numerous benefits, including reducing their tax rate and getting all of the deductions they’re entitled to.

See how much money tax planning can save you »

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Tax Strategies You Can Grow Into Based on Your Long-Term Goals, Part 1

The more money a company makes, the more Uncle Sam will take, which is why business owners have to be sure their revenue is being put in the right places.

An Employee Stock Ownership Plan is especially helpful for growing companies. Not only does an ESOP offer significant tax benefits, it can also be extremely useful in a succession plan.

Learn about the ins and outs of an ESOP »


Tax Strategies You Can Grow Into Based on Your Long-Term Goals, Part 2

Insurance is often one of the biggest expenses for a business, but there’s something they can do about it. Creating its own captive insurance company is typically a great way to cut costs.

The other big advantage of a captive is that is comes with numerous tax benefits, including lower state premium taxes and an opportunity to build tax-preferred wealth.

Tips for setting up a captive insurance company »


6 Tips for Finding the Tax Advisor Who Can Help You Achieve Your Financial Dreams

A tax advisor isn’t just someone who does your taxes; this is an expert who will create a strategy that will help you reach all of your financial goals.

Choosing the right tax advisor requires some work. Because you’ll want this person to be a trusted partner for years to come, it is important to do your research.

These are the areas that can’t be overlooked »

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Explaining Tax Reform: The Section 199A Business Deduction

One of the best things to come out of the new tax law that went into effect in 2018 was the 20 percent pass-through deduction for certain businesses. However, many owners haven’t taken advantage of it.

A downside to this business deduction is the fact that it can be very complicated to calculate. Figuring out exactly which types of businesses even qualify for it is also a challenge.

What small business owners need to know about it »

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Investments that Give You the Biggest Tax Breaks, Part 1

While investments can build wealth, all too often any gains are mitigated by the share owed to the government. The right strategy, however, can change this.

Two long-term investments that can offer excellent tax benefits are annuities and life insurance. But it’s important to learn about both the good and the bad that come with these options.

The pros and cons of tax savings with annuities and life insurance »

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Investments that Give You the Biggest Tax Breaks, Part 2

Tax shelters, as they once were constituted, are long gone. However, this doesn’t mean that the benefits they offered have also disappeared.

Today, there are tax-advantaged income generators that let investors lower their taxable income. These include oil and gas, and master limited partnership programs.

New types of investments to consider »

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Practicing Avoidance: Tips for Significantly Reducing Tax Liability

Words IRA 401k ROTH handwritten in a note. Retirement plans.

Keep more of what you earn,
and use it to fuel your retirement.