Tax planning is a critical component of your overall financial plan. We look for opportunities to maximize your income and accomplish your planning goals in a tax-efficient way.
How We Help
Tax planning is at the core of our planning process. We help our clients make sound decisions by evaluating the benefits associated with various tax strategies.
Frequently Asked Questions
Why do I owe so much in taxes?
While the tax code is vast and incredibly complicated, there are planning opportunities we recommend that everyone take into account in order to better understand their situation and to help minimize Uncle Sam’s share of the pie.
Ask yourself, is it time to pay off the mortgage?
Required Minimum Distribution (RMD) to Charity
Maximizing Pre-Tax Deductions
How can I gift money in a tax efficient way?
They say it's better to give than to receive. When it comes to gifting money, you likely want to make sure your assets go to the people and causes you love. Whether you're legacy planning or just looking to spread some goodwill, here are some strategies for creating a tax-savvy gifting plan:
Give money directly to a person or medical go fund me campaign within the Annual Gift Tax Exclusion
Using your IRA to send your Required Minimum Distribution (RMD) to charity
Naming a charity as IRA beneficiaries
Stack charitable donations
Use a donor-advised fund
Are there any tax planning strategies to help offset healthcare costs?
Once retired, there are some strategies you can use to keep your household income low so you can, in fact, qualify for subsidies or credits to help offset your premium payments. Birchwood does a comprehensive review to determine if there are opportunities in which we can take advantage of these discounts while still providing adequate levels of income from other assets until Medicare age is reached.
If you’re employed, you should consider using a health savings account (HSA) to set aside tax-advantaged funds for your health care expenses, either for your current situation or for the future. These often are referred to a health care IRA.
Ready to Get Started?
Meet with one of our financial advisors to learn how a financial plan could benefit you.
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