Tax preparation for the high-net-worth individual or family requires a broader perspective. There are additional corporate taxes, employer taxes, and inheritance and gift taxes to consider in addition to income taxes. The Capstone asset management team comprises CPAs and Wealth Advisors who have the knowledge and expertise to spot problems and opportunities. Tax planning and preparation will be proactive. And the peace of mind that it brings. Although most individuals are aware that they must prepare their taxes, they may be unaware of the full advantages of proactive tax preparation. There are also some Tax planning ideas for high net worth individuals highlighted in the same. Strategic tax preparation, especially for high-net-worth people, families, and enterprises, is about more than just filling out papers. Tax planning professionals collaborate with you to establish a financial strategy that incorporates tax liability mitigation. Their investing strategy includes tax consequences. Tax planning is something that all of our Wealth Advisors are involved in since it is the only method to safeguard and increase your assets in order to reach your objectives. You avoid overthinking — and surprises — because they examine the tax consequences of our suggestions throughout the year. Because the tax code is always changing, it is critical to plan not just for today but also for tomorrow.

Tax planning strategies have four key aspects:

Strategic tax preparation, especially for high-net-worth people, families, and enterprises, is about more than just filling out papers. Tax planning professionals collaborate with you to establish a financial strategy that incorporates tax liability mitigation.

Income recognition – Managing the timing of your income, deductions, and payments can help you avoid paying the alternative minimum tax (AMT) and regular taxes.

Income shifting – Shifting income to persons or companies in lower marginal tax bands might help you save money on taxes.

Converting income into tax-free or tax-deferred status, as well as capital gain income, is another tried and true tax approach.

Deductions and credits – Increasing your permissible expenditure deductions against earned income reduces your taxable income.