Expert Tax Planning Services | Lakeline Tax
Looking for expert tax planning insights to minimize your taxes? Many people feel like their tax bill is too high. You probably do too. The good news is that it doesn’t have to be like this. At Lakeline Tax, we can put together a strategy that helps you save taxes you owe.
Tax 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.
Tax review of your past tax returns
Year End Tax Planning
Adjust tax strategies for changes in tax policy
Adjust your tax Withholdings/Allowances
Analyze your portfolio for tax-loss harvesting
Analyze your portfolio for tax-gain harvesting
Charitable giving location planning (Donor advised fund, Appreciated stock, QCD)
Employer stock option planning
State tax credit analysis/opportunities
Experience the difference of working with a trusted tax partner.
Our Guiding Principles
Forward-looking tax planning strategies tailored to your financial plan
An experienced perspective that taxes shouldn’t drive decisions but should be a consideration
A core belief that everyone deserves to move their financial life forward
Independent, fiduciary tax based investment advice that always puts your best interests first
Wealth management that seeks to balance maximizing returns, structuring for tax-efficiency and mitigating risk
Objectives of Tax Planning
Financial Soundness
The best tax planning of an individual or a business is the ultimate testament to its monetary stability and accounting profits.
Avoiding Tax Audits
Appropriate tax planning certainly assists in avoiding IRS tax litigations, audits, and notices.
Learn more : Top 6 reasons your investments may trigger an IRS audit
Minimize Tax Burden
Tax planning undoubtedly lets you take advantage of the legally available tax benefits, exemptions, and deductions. In addition, it helps to organize the business operations as per their tax decisions. As a result, it saves the maximum capital amount from being included in the tax liabilities.
Profitable Investment
Tax planning helps minimize tax liabilities and transfer the tax savings to a profitable channel. Consequently, this assists in smart investments with optimum utilization of the available resources.
Three Types of Tax Planning
Purposive: Indicates the planning of taxes with a specific aim.
Permissive: Performed as per the regulations of the nation’s taxation laws.
Long-Range and Short-Range: Generally done for retirement and is conceptualized at the beginning (short-term) and end (long-term) of a financial year.
Our Approach
Proactive Positioning to Minimize Tax Liability
Taxes often create fear and confusion – not to mention unwelcome financial surprises — but they don’t have to. When you partner with our tax experts, you receive key information and insights that help you avoid surprises, capitalize on saving opportunities, and leverage the tax code to achieve professional and personal long-term financial goals.
Learn more : Unlock Unparalleled Tax Savings: Top 5 Essential Tax Planning Strategies
Tax Solutions Tailored to Fit Your Needs
Everyone wants to achieve their goals efficiently while complying with all applicable tax laws. Our Enrolled Agents’ industry-leading experience addresses a wide range of tax concerns, delivering comprehensive tax services to support individuals, businesses, and nonprofit organizations.
Who needs Tax Planning?
Privately Held Businesses
Nurturing your privately held business is your passion — one that requires years of effort and commitment. We share that passion and work tirelessly to help you fulfill your business and personal goals at each stage of the business cycle, from startup to exit strategies. Whether it’s planning for compliance or analyzing the tax implications of expanding to a new state, we’re here to help you throughout your journey.
High Net Worth Individuals
If you have at least $1 million in investable assets like cash, stocks or mutual fund shares, congratulations: you’re a high-net-worth individual. This distinction not only means that you’re wealthy, but also that you may qualify for certain perks within the financial services industry. However, having a high net worth also comes with the unique responsibility of protecting your wealth. Below, we’ll explore tax planning strategies to protect your assets and minimize the taxes you may face as a high-net-worth individual. A Lakeline Tax planning advisor can be especially helpful when it comes to implementing these strategies and optimizing your tax strategy. Our tax planning services is designed to navigate complex tax landscapes, safeguard assets, and ensure a lasting legacy. High-net-worth individuals with diverse income sources, like rental properties or business income, encounter complex tax rules and higher stakes face unique financial and tax-related challenges. Missed deductions or non-compliance can result in substantial financial losses and increased audit risks. From navigating the implications of IRS tax policies in a global environment to understanding the impact of financial decisions on tax liabilities. Our approach encompasses a comprehensive review of your tax situation and charitable giving strategies, to align with your financial goals and regulatory requirements. Let Lakeline Tax planners guide you through the complexities of tax optimization, safeguarding your assets and creating a financial legacy in an ever-changing financial needs and requirements. Learn more: Optimize your taxes to Maximize Your Wealth: Why High Net Worth Individuals Trust our expert tax services?
Real Estate and Rental property Investors
Investing in real estate and rental properties requires the right information to be successful. Real estate and Rental property business owners often overlook deductions related to property depreciation, maintenance, repairs, and interest. A tax professional can help maximize these deductions, reducing taxable income and potentially saving thousands of dollars annually. Without it, unforeseen tax consequences can limit or even eliminate anticipated gains and impact your portfolio performance. You need an experienced tax expert who can help you realize your portfolio’s potential and minimize risk in all your real estate activities.
Nonprofit Organizations
Nonprofits, from private schools to social service organizations, trust Lakeline Tax for customized, cost-efficient tax and advisory services that allow them to focus on advancing their mission. Our Enrolled Agents takes the worry out of your day-to-day operations, addressing unrelated business income or other potential tax concerns that may create unaddressed risks that could threaten the organization’s existence.
Our tax planning services include…
- Tax Review – Our Tax professionals can review your past tax returns to determine if all available deductions were taken. We can also find out if you overpaid due to lost rebates, increased fines, and time-expensive audits.
- Year End Tax Planning – Tax Planning should be done carefully and throughout the year, but the end of the year is a great time to think about alternative and additional strategies. This is an ideal time to implement changes you want to take effect for the next year.
- Considering the Tax Benefits of Incorporating – entity formation (LLC, S-Corp, C-Corp)
- Consultations to Help Lower Your Effective Tax Rate – We do this by accelerating deductions and deferring income.
- Reducing your taxes so you can keep more of what you make.
- Investment Goals – These can be helpful to you by calculating what investments you need in order to maximize and boost your investment returns. While they help make the most of your finances, they decrease the risks you’re taking and ensure that you meet your goals.
- Savings For Retirement – Most people value their retirement. Lakeline Tax Services takes that into consideration and evaluates your assets and sources of income. After doing this, we find the best advice on how to save the most for you in your retirement stage. Take Advantage of Our Retirement Planning Services
- Protection – You never know when a tragedy is going to strike, and making sure that you have enough money saved in case of an emergency is important. Looking over insurance coverage, any disability you may have, and your health benefits, will help you determine what you need to save, and how to make the most of your savings.
- Passing On Your Savings – Our goal is to increase the financial worth of your estate. We do this by looking into what risks we can minimize. We will single out the negative assets, and factor that into maximizing your estate. We save money by cutting down on the amount of estate taxes, lawyers, and creditors you have to pay for, because of the negative outcome it can have.
- Education – Examining your assets, and giving you strategies on how to avoid shortfalls, is something that Lakeline Tax takes into account. We work to establish a savings plan, provide you with wealth strategies, and help you save so that you’re able to pay for education costs.
Our Tax Planning Strategies
Lakeline Tax is dedicated to helping you make the most of your financial goals. By using the right tax strategies, we can help you reduce any forthcoming taxes. We want to make sure you make the most of your investments and get you on the right track to saving your money. Let us help you invest in a better future.
To value your time and our time, we charge a small fee for the tax planning consultation appointment which will be adjusted towards the final invoice.
Our Strategies:
- Making contributions to a deductible retirement plan.
- Planning for stock options.
- Deferring income tax liabilities.
- Maximizing health savings account (HSA) contributions.
- Making charitable donations.
To minimize your taxes you need a plan. You need concepts and strategies that leave more on your bottom line, without raising “red flags” or straying into “gray areas.” To learn more about tax planning strategies, click here.
Most accountants do a fine job recording history – the history you give them! They compile monthly, quarterly, and annual books and records. At tax time, they put the “right” numbers in the right boxes on the right forms and file them by the right deadlines. But then they call it a day. It doesn’t matter how good your current accountant is with a stack of receipts on April 15. If you haven’t planned right, by April 15 it’s just too late. At tax time, your books tell your accountant how much in taxes you owe. You scramble for more receipts and more deductions. But by tax time, it’s usually too late to do anything more. Is that all you really want?
Proactive tax planning is the key to managing small business tax liabilities including savings plans such as 529 college savings plans or a Roth IRA to reduce and defer future taxes. Additionally, we work with all investment types such as HSAs, 403(b)s, IRAs, and 401(k)s to ensure you pay the lowest taxes possible while still enjoying the benefits that come with investing. Start planning your tax strategy today by working with our highly experienced tax planning professionals.
When you become our client, you are paying for a tax planning service that will pay you back. Most of our clients experience tax burden relief, as well as time saved and peace of mind. Our fees are often paid back through the reduced tax liability you will enjoy as part of our planning and legitimate tax savings strategies.
Tax planning is the legal procedure of diminishing tax liabilities by optimally utilizing tax rebates, deductions, and benefits. It assists taxpayers in properly planning their annual budget and gaining maximum retirement savings. It has three types: short and long-range, permissive, and purposive.
Tax planning is integral to helping maximize and manage your wealth. Tax considerations shouldn’t be reactive; you need a tax-savvy partner who can help you understand the tax implications of the financial decisions you make so you can keep more of the money you work hard to earn.
As a high net-worth individual or a business owner, you have an incredible amount of tax-saving strategies available to you, but many financial, insurance, and estate planning professionals don’t take advantage of strategies that could save their clients a ton of money. The truth is that they usually only use the more basic ones.
By working with a tax planning advisor and an Enrolled agent specializes in tax planning and tax resolution for high-earning business owners, you can increase your savings, avoid costly errors or omissions and optimize your return on investment.
Tax planning is important because it confirms savings on taxes that, in turn, financially strengthen taxpayers and help them easily pass on their inheritance to their beneficiaries. Additionally, it offers numerous advantages such as decreased litigation, lesser tax burden, assured national economic growth, and increased productivity. This lets them build their finances and level up their fiscal stature.
Tax planning is a legal approach to acquiring tax savings. The process is legalized as long as the taxpayers don’t intentionally choose tax avoidance or evasion. Moreover, this may include investment in long-term debt vehicles like municipal bonds, ELSS, mutual funds, PPF, etc. All of our tax strategies are court-tested and IRS approved to save you tax. We will not recommend a strategy that we do not feel comfortable defending in an audit.
Tax preparation is a service that helps you file your tax returns. The main goal is to make sure your tax reporting complies with both federal and state tax laws. Tax planning is a service that helps you optimize your tax situation before reporting.
Tax planning should happen every year and every time there is a major financial or life decision. Don’t just consider what you want to plan for in the next year, but also many years into the future. Awareness of annual tax filing deadlines and requirements imposed by the IRS is only one small component of the tax planning equation. Our tax laws are also more complex than ever. Forward-looking tax planning should account for both our evolving tax laws and changes to your financial situation.
For new businesses, implementing the right tax strategy at the outset can make all the difference in profitability later on, so we create short and long-term tax plans that encourage sustainable profitability and growth. We at Lakeline Tax are trained to be compliance experts on tax laws. However, many advanced tax planning strategies require a deep understanding of other financial planning topics such as investment planning, employment benefits optimization, insurance planning, retirement planning, business planning, and estate planning. We will review your current structure and recommend any changes needed to increase profits. No matter what stage your business is in, we’ll be sure it’s positioned to take advantage of all tax deductions allowed under state and federal law. We watch for any revisions to tax legislation that might benefit our clients and make sure they take advantage of the savings they deserve. We guide our clients through tax planning and preparation decisions
with strategies that minimize tax liabilities, maximize cash flow, and keep track of financial goals.
Our expertise, experience, analysis, and thorough research allow us to optimize financial opportunities within the scope of the current tax laws.
Discover how Lakeline Tax can find significant tax savings for you and/or your business.
- Increase Wealth
- Reduce Tax Liability
- Eliminate Surprises
- Achieve Financial Independence
Minimized Tax Liabilities: We help you take full advantage of tax-saving opportunities to reduce your overall tax burden.
Legal Compliance: Stay ahead of ever-changing tax laws and avoid costly penalties with our meticulous attention to compliance.
Tailored Strategies: Your financial situation is unique, and so are our solutions. We craft tax strategies that align with your long-term goals.
Expertise: Our Certified Enrolled agents with over 25 years of experience and have resolved several complex tax issues with 100% success rate.
Our Enrolled Agents, equipped with profound insights into tax laws and IRS intricacies, have earned their stripes by consistently delivering favorable outcomes.
Authoritativeness: Acknowledged by the IRS and fortified with industry accolades, Lakeline Tax embodies authority in the realm of tax resolution. We remain vigilant in keeping abreast of the ever-evolving tax landscape to provide spot-on counsel.
Trustworthiness: Our sterling reputation is the byproduct of countless satisfied clients who’ve benefitted from our transparent and dependable service. We pledge to maintain this integrity in every interaction.
We offer forward-looking tax planning services including tax-efficient strategies that can help you preserve and elevate your wealth. Tax planning sits alongside your overall financial planning and helps to maximize the efficiency of your investments as well as the financial decisions you make over your lifetime.
Transparent and Upfront Pricing: We believe that clear, transparent pricing builds trust and ensures our clients know exactly what to expect. During the initial consultation, we provide a detailed estimate based on the scope of your tax situation. While we strive to cover all known services upfront, additional charges may apply if new complexities arise, such as unexpected changes in income, new investment disclosures, or previously unmentioned forms. These adjustments are always communicated promptly, ensuring there are no surprises.
For example, if your situation requires additional filings—such as foreign income forms, multi-state returns, or amended returns beyond the original scope—our team will provide an updated estimate before proceeding. Our commitment to transparency allows you to feel confident that you’re receiving expert service, with every form, detail, and follow-up accounted for.
By working with your Tax planner, you can better understand how the choices you make today may impact your future wealth. With your goals and overall life intentions in mind, we’ll work with you to understand your complete financial picture. Then we can better assess potential tax benefits and identify opportunities for tax optimization.
Potentially, just like when markets are pulling back and there may be opportunities to harvest losses – the other end of the spectrum also exists where capital gains may be offset in the same year by losses in other investments.
If you’re looking for help with your finances, either a Tax planner or a financial advisor may be able to help you. The better option depends largely on your circumstances.
For example, if you have short-term issues or need assistance with specific questions or investments, a financial advisor can usually be a big help. However, if you want support for developing a comprehensive long-term plan for your finances and tax issues, you may be better off working with an experienced Tax planner.
A Tax planner might be the best fit if you:
- Want help developing a long-term financial plan with a tax strategy
- Want to gain a comprehensive understanding of how your finances are likely to evolve over the course of your life
- Are going through a major life change, such as getting married or having a baby
- Are nearing retirement and want to make sure you have enough saved
- Want to start strategizing about key asset transfers to beneficiaries
Alternatively, a financial advisor may be more appropriate if you:
- Are looking for help with a specific investment strategy or decision
- Don’t feel confident making financial decisions on your own
- Have a comfortable financial situation and are simply looking for someone to provide occasional guidance
- Help you with investments and other tools to execute your plan
Tax-efficient investments minimize the taxes paid on investment gains and income. Consider investing in tax-advantaged accounts, like IRAs or 401(k)s, or using tax-efficient investment vehicles, such as index funds or municipal bonds. Reviewing your portfolio with a Lakeline tax advisor can help optimize your investment strategy for tax efficiency.
Accelerating income or expenses depends on your current tax bracket and future income projections. If you expect to be in a higher tax bracket next year, accelerating income this year might be beneficial. Conversely, delaying income or accelerating expenses can reduce your current year’s taxable income, saving on taxes.
Potential IRS tax law changes can impact your decisions regarding deductions, credits, and income reporting. Staying informed about proposed changes allows you to adjust your strategies accordingly. A Lakeline tax advisor can help you navigate these changes, ensuring you make tax-efficient decisions that align with current and future laws.
High-income earners with diverse income sources, like rental properties or business income, encounter complex tax rules and higher stakes. Missed deductions or non-compliance can result in substantial financial losses and increased audit risks. Professional tax assistance ensures optimized planning and compliance.
Moving to a no-income-tax state can reduce tax liabilities, but it also requires adjusting tax strategies to align with the new state’s tax policies. Deductions, income categorization, and compliance all need to be reassessed for the new state’s requirements.
An S-corporation can offer valuable tax benefits but requires meticulous record-keeping and knowledge of deductible expenses. Without proper guidance, you might miss significant savings on expenses like travel, home office, and business-related purchases.
A professional tax advisor can help you navigate complex tax codes, uncover potential deductions, and reduce your tax liability. Beyond savings, you gain peace of mind, year-round support, and a tailored strategy that ensures compliance and maximizes financial growth.
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We constantly update our knowledge and keep ourselves current with the latest tax laws and develop new techniques to save our clients the most money on their taxes. Click here to check the Credentials and Qualifications for Tax preparation experts.
Lakeline Tax provides tax preparation services for everyone including Individual Tax Preparation, Business Tax Preparation, Self-Employed Tax Preparation, Partnership & Corporate Taxes, Bookkeeping, and Tax Resolution, serving Austin, Cedar Park, Leander, Liberty Hill, and surrounding cities, along with all 50 states. We utilize QuickBooks and are certified QuickBooks ProAdvisors. Get more done with us.