Income Tax Preparation and Planning
Downey Financial Group has prepared tax returns for it's retirement income and tax planning clients since 2002 for the vast majority of the firm's clients. The President of Downey Financial Group, Ed Downey, says:
“I don’t know how an advisor does proper tax planning if the firm is not heavily involved in the preparation of the client’s tax return. The effects of the tax plan are on that 1040 document.”
One of the biggest concerns we hear from new clients is rising taxes. It is the combination of our Accountants and tax professionals working alongside our financial advisors that makes our firm so effective in tax planning. In today's volatile tax environment, you need a firm that can help protect you from over taxation.
For most of us getting our tax return completed is a pain, but Downey Financial sees it as a big opportunity! It is the chance to see if we can help lower your income taxes for the future. Most accountants are focused on getting your taxes done correctly for what happened last year, as fast as possible. They are NOT usually focused on giving you tax planning recommendations for this year, or the future. It is not their fault – typically they do not have time in tax season for client tax planning.
Educational Tax Planning VIDEOS
Once our client's tax return is completed by the Accountant, our Financial Advisors use a key tax planning software tool in the delivery meeting called ‘Tax Clarity’. This program can give you a hypothetical ‘What if’ scenario to see how changes in your financial life could impact your taxes for the future. The tax laws change almost every year. ‘Tax Clarity’ has become a vital tool for our clients to plan their best new tax move. Does your current Financial Advisor have an Accountant preparing your taxes combined with scenario tax planning? If not, how can they give you sound tax planning advice?
Would you like to learn more by watching our 3 short recorded Tax Planning Webinars:
- VIDEO 1: What is a Marginal Tax Rate?
- VIDEO 2: Interactions Between Income Types.
- VIDEO 3: Strategies to Reduce Lifetime Taxes.
Your income tax story does not have to be written by the IRS alone. There are strategies and planning that should go hand in hand with your long term retirement income goals. We believe that good tax planning is a critical part of your long term plans, and that is why we have been preparing taxes for the public since 2002. You need to be aware of the opportunities and dangers that exist for you in the tax code.