Tax Planning

Tax Planning is Complex

Let our team simplify your taxes and create your financial plan to address your tax concerns and needs.

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  • Tax loss harvesting is a strategy used to offset capital gains and potentially reduce your overall tax liability by selling investments that have experienced losses. We can create an investment strategy to help identify tax loss harvesting opportunities.

  • Should I allow my beneficiaries to inherit my properties? These are all questions that require serious thought. We can model scenarios to provide you the options when considering selling and capital gains.

  • Estate planning can be complex. Prime Portfolio Planning can provide you with strategies on estate planning that can help you reduce estate taxes.

  • A Qualified Charitable Distribution is a provision in the United States tax code that allows individuals who are 72 and above to direct a portion of their Required Minimum Distribution to a qualified charitable organization. Allow Prime Portfolio Planning to help you model what that may look like from a tax strategy perspective.

  • People utilize gifting for several reasons. Estate Tax reduction, Asset Protection, legacy and charitable giving are to name a few. We can analyze your goals and provide you with strategies on if you should and the best way to do it.

  • A Roth conversion potentially allow you to enjoy tax-free withdrawals in retirement. We will help you evaluate your situation, understand tax implications and provide you with the info to make an informed decision.

Want to Know More About Our Tax Planning Process?

Prime Portfolio Planning’s tax planning strategy process involves several key steps to help you minimize your liabilities while staying compliant with tax laws. The process begins by gathering comprehensive financial information from you, including income, investments, and expenses. This data is analyzed to identify potential tax-savings opportunities and areas for optimization. We then formulate a personalized tax strategy that could include strategies such as maximizing deductions, utilizing tax-efficient investment vehicles, and timing income and expenses. Collaboration with other financial professionals, such as accountants and attorneys, may be essential to ensure a well-rounded approach. Regular reviews are conducted to adapt the strategy to changes in your financial situation, ensuring that your tax burden remains minimized over time.

*This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of the conversion, withdraw limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD), in the year you convert, you must do so before converting to a Roth IRA.