Tax Planning
About
Our Approach
Tax considerations affect virtually every financial decision your family makes. Our team-based approach enables Mpower Financial Services to integrate professional tax planning with your entire financial picture.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. Not just to provide short-term benefits, but also in an effort to minimize long–term tax implications. Our services include periodic tax planning meetings, payment analysis, and cash flow planning.
Planning is the key to successfully and legally reducing your tax liability. To maximize your after-tax income, we go beyond tax compliance and proactively recommend tax savings strategies.
Achieve more with what you already have.
Maximizing deductions
Take advantage of all available deductions, such as those for charitable donations, mortgage interest, and business expenses, in order to reduce your taxable income.
Retirement savings
Making contributions to tax-advantaged retirement accounts, in order to reduce your taxable income.
Tax-loss harvesting
Selling investments that have decreased in value in order to offset capital gains and reduce your tax liability.
Tax-free income
Look for ways to generate income that is tax-free, such as interest from municipal bonds, in order to reduce your tax liability.
What is Meant by Tax Planning
Tax planning is the process of organizing one’s financial affairs in such a way as to minimize the amount of income tax that must be paid. It involves looking at the various tax laws and regulations and taking advantage of any deductions, credits, or exemptions that are available in order to reduce one’s tax liability. Tax planning can be done on an ongoing basis throughout the year, or it can be done as part of the annual tax preparation process.
