Tax consulting and preparations that keep more money in your pocket
Whether you're an individual or a business owner, accurate tax preparation helps avoid costly errors and can aid you in keeping more of what you earn. Westminster works with you to identify deductions, credits, and other complex opportunities you might otherwise miss. With tax regulations frequently changing, staying informed and organized is key to maximizing your returns and minimizing your tax liability.
We look into a variety of factors
Income Management
Timing income recognition to fall in the most advantageous tax year, considering both personal and business income streams.
Investment Planning
Managing investments to optimize tax treatment, including strategies like tax-loss harvesting, holding investments for the long term to benefit from lower capital gains rates, and choosing tax-efficient investment vehicles.
Tax-Deferred Accounts
Utilizing accounts like Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and 529 college savings plans to defer taxes on specific expenses.
Deductions and Credits
Identifying and maximizing eligible deductions and tax credits to reduce taxable income.
Estate Planning
Structuring your estate to minimize taxes on the transfer of wealth, including gifting strategies, trusts, and other estate planning tools.
State/Local Tax Planning
Considering the impact of state and local taxes, especially for those living in or relocating to areas with differing tax rates.
Retirement Planning
Contributing to tax-advantaged retirement accounts like 401(k)s or IRAs to defer taxes on income and potentially reduce your current tax burden.
Charitable Giving
Planning charitable donations to maximize tax benefits, including timing gifts and using appreciated assets instead of cash.
Year-End Planning
Implementing strategies before the tax year closes, such as accelerating or delaying income, making last-minute charitable donations, or selling investments to lock in gains or losses.
