Tax Planning – for Individuals

Any financial decision you make will have tax consequences, which become burdens without the proper foresight. In today's complex world, tax planning in the areas of retirement, estates and trusts, and others, is becoming increasingly important to achieving your desired results.

Mitchell & Watters, CPAs possess deep expertise in the tax law. We can minimize your tax liabilities and increase your tax savings. We employ an approach completely tailored to you and your family's needs. As your trusted tax advisor, we assess your situation in order to realize your goals and your ambitions. Our goals are very clear: to proactively help you develop tax strategies that ensure maximum cash flow, minimum liability, and compliance with ever-evolving tax laws.

Tax Planning – for Business Owners

Mitchell & Watters, CPAs provide personalized tax planning strategies to help clients periodically review their tax status and, if necessary, adjust earnings prior to the December 31st deadline or fiscal year end. In most instances, we recommend business clients meet with us every fourth quarter of the tax year. With an intimate knowledge of tax law, our team is able to ensure that you pay no more in taxes than is required.  When appropriate, we recommend tax-saving strategies to lower your tax bills. Some examples include:

• Structuring your affairs to obtain a tax deduction for some expenses paid for things you enjoy; a vacation home, for example.

• Making capital equipment purchases, perhaps computer equipment or a vehicle for business.

• Splitting income among many family members or legal entities to get more of the income taxed in lower brackets.

• Shifting income from one year to another in order to have it fall where it will be taxed at a lower rate. 

• Shifting deductions from one year to another to place them where the tax benefit will be greater.

• Deferring tax liability through certain investment choices and through retirement plan contributions.

Check out some of our “Tax Strategies for Individuals and Business Owners” located on this website under the Guides tab on the toolbar above.