Tax Planning for High-Income Earners
High-income individuals have unique accounting needs and require strategic tax planning. Tax Time CPAs help big earners retain as much of their wealth as possible come tax season.
For high-income business owners, tax season can feel like a punishment. That’s because the more you make, the more you pay — and the less of the overall pie you get to keep. The reality is that steep taxes will always be part of being a big earner, but that doesn’t mean there aren’t savvy techniques for keeping a larger percentage of your earnings.
We help clients identify areas of opportunity for savings. After reviewing your business’s financial records, our tax specialists will show you how to organize your assets advantageously. Keep reading to learn how working with one of our CPAs can save tremendous money in the long run.
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Next-Level Strategies To Reduce Your Taxes
The tax burden facing high-income individuals and businesses can feel overwhelming. But it doesn’t have to — our CPA team is uniquely positioned to take your financial situation and run with it squarely toward less stress and a lower overall tax burden.
Our experts can help you save money through strategic tax planning. Here are seven ways:
Review your allowable tax deductions and credits. You can reduce your tax liability dollar for dollar by speaking with your tax advisor about which deductions and credits are not subject to income limitations.
Restructure your trusts. If you’re a high-income individual, this strategy is critical. Family trusts and partnerships offer a way to move investment earnings to family members with lower tax rates.
Explore real estate exemption or rollover. In certain situations, you may be able to reduce or defer taxes based on property usage. We’ll help you explore these options.
Donate to charities. Philanthropy does tremendous social good, and it can also save you a bundle on taxes. We’ll explain how to reduce your taxable revenue by donating cash or securities to charity.
Invest in opportunity zones. Investing in economically distressed communities known as opportunity zones can bolster local economies and save you money. By investing earnings into these special opportunity zones, you can receive a tax deferral until the new investment is sold. Additionally, income earned on top of the investment is not taxable.
Contribute to your pension fund. Contributing more to your pension fund is a great way to reduce taxable earnings. We can suggest retirement plans that allow you to maximize your contribution.
Find tax-efficient investments. Investing in resource-based companies can offer significant tax benefits. When you invest in many of these businesses, you can deduct the cost on your tax return when structured correctly.
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