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.
All written content on this site is for information purposes only. Opinions expressed herein are solely those of Birchwood Financial Partners, Inc. and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Birchwood Financial Partners, Inc., an SEC Registered Investment Advisor. Birchwood Financial Partners, Inc. is not affiliated with or endorsed by the Social Security Administration or any government agency, and is not engaged in the practice of law. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of AZ, CA, FL, IA, IL, MN, OR, TX, WI or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.
Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph. The inclusion of any link is not an endorsement of any products or services by Birchwood Financial Partners, Inc. All links have been provided only as a convenience.