200 Plantation Chase
St. Simons Island, GA 31522
Tax Planning
Tax Planning
Graham | Adams helps with tax planning by using expertise to minimize tax liabilities, optimize financial strategies and ensure compliance with tax laws. Here’s how we assist individuals and businesses with tax planning:
Understanding
Financial Goals
- Reducing taxable income
- Saving for retirement
- Planning for major life events (e.g., home purchase, education funding)
Maximizing Tax
Deductions and Credits
- Business expenses, home office deductions and depreciation
- Education credits, child tax credits and energy-efficient property credits
- Itemized deductions for medical expenses, mortgage interest and charitable contributions
Structuring
Income Strategically
- Deferring income to future years when tax rates may be lower
- Accelerating income if current tax rates are expected to rise
- Splitting income among family members to leverage lower tax brackets
Retirement Contributions
- 401(k), IRA or Roth IRA: Maximizing contributions for immediate tax savings or tax-free growth
- Self-Employed Retirement Plans: Options like SEP-IRAs and Solo 401(k)s for business owners
Capital Gains and
Investment Strategies
- Timing the sale of assets to maximize favorable capital gains tax rates
- Using tax-loss harvesting to offset gains with losses
- Advising on qualified dividends and municipal bond interest for tax efficiency
Charitable Giving
- We advise on charitable contributions to maximize tax benefits:
- Donating appreciated assets to avoid capital gains taxes
- Setting up donor-advised funds or charitable remainder trusts
Navigating
Tax Law Changes
- Keeping up to date on tax law changes and ensuring you take advantage of new opportunities or credits while avoiding compliance risks
Multi-Year Tax
Strategies
- Smoothing out tax obligations over several years
- Avoiding large tax surprises from life events or financial decisions
Planning
for Life Events
- Marriage or divorce
- Birth of a child or dependents aging out of eligibility
- Selling or buying property or a business
Proactive Communication
with the IRS
- Managing estimated tax payments to avoid underpayment penalties
- Ensuring compliance with required reporting (e.g., foreign accounts, crypto transactions)
Estate &
Gift Tax Planning
- Using annual gift tax exclusions and lifetime exemptions
- Establishing trusts to protect assets and minimize estate taxes