Tax Planning

UNDERSTANDING & MANAGING YOUR TAX LIABILITIES

REACH YOUR FINANCIAL GOALS THROUGH PLANNING, DISCIPLINE, TEAMWORK AND TIME

By developing a sound investment strategy as a component of your financial plan, you can transform your financial and life dreams into effective, goal oriented activities that will make those dreams a reality. Here is some basic information to consider when developing a portfolio for an individual or company.

MANAGING YOUR TAXES IS NOT TAX PREPARATION

Many people think they are doing fine by having a professional prepare and file their tax returns by the deadline each year. Others are stressed by having to deal with the hassle themselves. And most are unhappy with the outcome, feeling they've paid too much or don't understand the process well enough. Imagine how nice it would be to know that you paid as little as possible on taxes and are confident you won't be surprised by the amount you will pay next year. Managing your taxes means more than gathering W2's, receipts, and canceled checks and filling out tax forms. You may find that with the changing tax laws and new tax-saving opportunities, it's difficult to sort through the options. WFA's tax and financial advisers can help keep you up-to-date with these changes, while answering your questions and helping you gain control of your tax obligations. At WFA, we help you plan for your taxes, not just prepare them.

REACHING GOALS WITH TAX SAVINGS

In fact, managing your taxes can also help you reach your life goals. By planning ahead, you can maximize your income and investments while minimizing your tax burden. Tax-deferred and tax-free investments can help build your retirement nest egg. Your money will be working for you, instead of for "Uncle Sam". The tax-savings you realize by planning ahead will work in tandem with the other financial planning steps you've taken to secure your future. And, as your goals change and your personal financial situation changes, we can help you adjust your tax planning, too.

GETTING A HANDLE ON YOUR TAX SITUATION

Managing your taxes means planning for the year ahead (or even two or three years), so you have plenty of time to implement tax-reducing strategies. When you consult with WFA's advisors, you can expect a thorough review of your tax situation for planning ideas to reduce and defer taxes. WFA also provides an explanation of current changes in the tax law that affect you, a review of your investment strategies from a tax perspective, and estimated income tax requirements. Think of the convenience of having all of your financial and tax information in one place. As your financial situation changes, so will your tax situation. By keeping records together and current, you will simplify your yearly tax preparation and be able to review and revise your tax plan for the future.

PLEASE NOTE: The scope of any financial planning and consulting services to be provided depends upon the request and needs of the client. WFA does not serve as an attorney. WFA does not prepare estate planning documents.