When investing money or getting involved in various transactions, tax implications should always be a factor in your decisions making process. When you start a business by yourself or with others, the type of entity that you select for your business will affect the way that you are taxed, both at the business and individual level. When buying or selling any property of significant value, particularly a business, the manner in which you structure the transaction can have a major impact on the tax implications to both the buyer and the seller. When making large donations to charity, extra tax savings can be accomplished depending on the type of property donated, and the property’s tax basis. Various charitable trusts can be established to achieve major tax deductions while simultaneously benefitting the donor of the property, the charity, and the donor’s family members. When giving money or other property of significant value to other individuals, the gift likely requires a tax filing, and may be subject to a federal gift tax. There are, however, various gift planning techniques to minimize the tax burden of large gifts.
For certain taxpayers, a new Net Investment Income Tax applies to some types of investment income, but not to other types of investment income. Despite the technological shifts which allow investors to execute trades electronically in real time, navigating your own way through the investment world is more complicated now than ever. In addition to the myriad of investment options and different types of investment accounts available today to understand, the taxation of these different investments and investment accounts continues to shift rapidly. As a tax attorney who is also a CFP®, I understand the interplay between your investment goals and your tax situation.
Your particular case may involve tax implications which determine how you should structure a transaction, or if you should even engage in a transaction at all. I will listen to your goals and objectives. I understand that tax savings is likely only one of several issues that are important to you. I take all of your goals and values into account when advising you on the most tax and financially efficient methods to meet your specific goals. I can assist you all the way from the planning stage through the execution phase and eventually to the compliance phase which includes any required tax filings.