Tax Strategies

Tax strategies are deductions, credits, or avoidance schemes used in conjunction with tax planning to manage your tax liabilities.

What is Tax Planning?

Tax planning is about identifying strategies that reduce your future tax liabilities, managing your cash flows, and achieving your financial goals while staying compliant with tax laws.

Building Your Tax Plan

A successful tax plan is unique to each taxpayer and varies depending on their financial goals and circumstances. At a minimum, a tax plan includes:

Clarifying Goals
Maintaining Accurate Records
Proactive Thinking
Complying with Tax Laws

It's important to view tax planning through a lens that focuses on your entire financial outlook, not just taxes. Work with a tax advisor to develop your tax plan with confidence.

Tax Strategy Library

Browse the library to identify strategies for your tax plan.

HSA Contributions

Retirement

Individuals can deduct contributions to their HSA to reduce their tax liability.

Employer Accountable Plan

Deduction

The Accountable Plan is a business deduction for reimbursements paid to employees for out-of-pocket expenses that have a business connection.

Roth IRA Contributions

Retirement

Individuals can contribute to a Roth IRA to minimize their tax liability during retirement years.

S Corporation Election

Election

The S Corporation Election is a strategy that business entities, including sole proprietorships and partnerships, can use to avoid self-employment taxes.

SEP IRA to Roth IRA Conversion

Retirement

Converting a SEP IRA to a Roth IRA allows an individual to make after-tax retirement plan contributions. Before executing this strategy, you should understand the scenarios in which additional taxes and early withdrawal penalties would apply.

QBI Deduction Optimization

Deduction

The QBI deduction decreases taxable income for individual taxpayers with Qualified Business Income.

Self-Employed Health Insurance (”SEHI”) Deduction

Deduction

As a business owner, you may be able to deduct the cost of medical insurance (including dental and long-term care insurance) for you and your family. This deduction, called the self-employed health insurance (”SEHI”), reduces the your taxable income and the amount of tax you’ll pay.

SEP IRA Contributions

Retirement

The SEP IRA strategy is a deduction that your business takes for contributions to employee retirement plans.

Solo 401(k) Contributions

Retirement

The Solo 401(k) strategy is a deduction that your business takes for contributions to your retirement plan.

Traditional IRA Contributions

Retirement

This strategy is a retirement plan deduction that an individual taxpayer takes on their personal tax return (Form 1040) for contributions they made to a Traditional IRA.

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