Tax planning service in El Paso, TX
Reduce your tax liability and ensure your financial stability
Tax Planning Services for the Future
Tax planning is the individual and business owner’s tool for ensuring best practices for minimizing your tax exposure. When you have a complicated tax return or need professional guidance handling a complex tax issue, Marcus, Fairall, Bristol + Co. PLLC will help. Take advantage of tax credits, exemptions, and any deductions that you can claim. Plan ahead for future tax years.
The most common tax-deferred retirement accounts are IRA’s and 401(k) plans. See below for other strategies that we may use to help formulate your personal tax plan, and take a look at some management goals to determine what is the best strategy for you. We will help you to make smarter and more informed decisions.
Tax Saving Strategies
There are certain steps you can take to reduce your tax exposure and save money.
- Splitting income among several family members or legal entities in order to lower your income tax bracket
- Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
- Deferring tax liabilities through certain investment choices such as pension plans, contributions, and other similar plans.
- Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
- Using certain investments to produce income that is tax-exempt from either federal or state or both taxing entities.
Money Management Goals
Save enough for a comfortable retirement
Evaluate your retirement needs, analyze your assets and sources of retirement income, review estimated shortfalls, and identify the best ways to save for retirement given your financial situation and risk tolerance.
Pay for your child's college education
Plan for your child’s future by estimating the amount of money you’ll need, analyzing your assets, going over estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance.
Protect your family in the event you become disabled
Grow your emergency fund and evaluate your disability, health, home, and auto insurance coverage. In the event that you are disabled, we’ll help you arrange for powers of attorney in place to take care of your affairs.
Achieve your investment goals
Maximize your investment returns with low risk investments, while building increased predictability of your investment returns.
Leave a legacy for your heirs
Maximize the value of your estate by saving tax dollars, professional fees, and court costs. And minimize the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. You’ll be able to remain in control of your affairs by providing a road map for passing your estate on to your heirs.
Check our article about Estate Planning.
Need help with Tax Planning?
Need help with tax planning? You may check out our article “Difference Between Tax Credits and Tax Deductions” to take a closer look at the differences between Tax Credits and Tax Deductions.
If you are curious as to whether hire a financial planner or an accountant, read our article about Financial Planning and What Does An Accountant Do?
Looking for Tax Planning Service in El Paso, TX?
If you’re looking for tax planning service and or have any tax-related questions, reach out to one of our Certified Public Accountants (CPA) at Marcus, Fairall, Bristol + Co., PLLC. We’ll answer any of your financial questions, simply email firstname.lastname@example.org or call (915) 775-1040!
MARCUS, FAIRALL, BRISTOL + CO., PLLC
230 Thunderbird Dr Ste G, El Paso, TX 79912
Phone: (915) 775- 1040
Full-Service CPA Firm in El Paso
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