As part of the financial planning process we will review a client’s tax situation on a periodic basis. While we do not prepare tax returns, Galecki Financial Management provides comprehensive tax planning for both individuals and businesses. We have the knowledge and capability to prepare tax projections and make the appropriate recommendations. We also work tirelessly with the actual tax preparer to ensure the best possible outcome for the client.
A client’s tax situation will evolve as they enter different stages in their lives. During one’s peak earnings years we will evaluate the most effective ways to defer income into future, potentially lower tax years. These types of strategies involve evaluating different types of retirement plans, itemized deduction planning and identifying potential tax credits that are available. As individuals begin to move into their retirement and semi-retirement years new opportunities arise. These opportunities include Roth Conversion and distribution planning. Once a client enters retirement we pay particular attention to what their current tax situation is and what it is projected to be in the future. This allows us to maximize their after-tax cash flow each year.
The most satisfying parts of the tax planning process are helping families begin to identify the most tax advantaged assets to leave behind for future generations. In addition to this, helping clients identify the most tax efficient methods of giving to charity also provides significant tax advantages for the client. This may allows them to give more than they originally thought they could afford.
Andrew (Andy) Young, CPA/PFS, CFP®