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Tax Planning

A team of CFP® practitioners and CPAs providing integrated tax planning to maximize investment efforts

Tax planning is a critical component of wealth management. It is imperative that tax planning strategies are integrated into your comprehensive financial plan.

The Prosperity Consulting Group’s founder, Don Hoffman, who is a CPA and has a Masters in Tax Law, is acutely aware of how essential proactive tax planning is for clients. Proactive tax strategies have a great impact on your portfolio and in your ability to accomplish overall goals and objectives. Our firm is dedicated to helping you navigate and strategically plan for tax implications as we work together to help you build, preserve and transfer wealth.

Some of the tax planning areas we concentrate on are:

Income Tax Planning

  • Defer from taking short-term capital gains
  • Realize capital losses when appropriate
  • Mindfulness of IRA distributions and impact on a client’s tax bracket
  • Awareness of an investment’s income tax consequences
  • Maximize retirement plan contributions to reduce taxable income
  • Protection of Social Security benefits from excess taxation

Estate Tax Planning

  • Utilize trusts to minimize taxable consequences
  • Discussion of life insurance strategies to reduce estate tax implications
  • Prudent gifting strategies to transfer wealth

Tax Efficient Investing

  • Low turnover investments in taxable accounts
  • Portfolio construction / asset allocation strategies to maximize tax efficiency
  • Reduce / eliminate Alternative Minimum Tax (AMT) burden
  • IRA stretch strategies

Charitable Planning

  • Gifting of appreciated securities
  • Use of Charitable Remainder Trust (CRT)
  • Establishing private foundations
  • Utilization of life insurance planning / strategies
  • Guidance on most effective charitable giving strategies given your personal situation and objectives

Business Tax Planning

  • Choice of entity
  • Structuring sales, mergers and acquisitions of businesses
  • Developing buy/sell agreements and family business transitions
  • Strategic tax planning

The best financial plan can fall short of accomplishing your goals without great thought given to tax planning and strategies. This component must work in concert with investment, retirement, insurance and estate planning in your financial plan.

Building Relationships | Delivering Success®
The Prosperity Consulting Group registered as a Registered Investment Advisor (RIA) in 2005. We have with a passion for providing clients with objective investment advice and wealth management solutions. Our purpose, coupled with our fiduciary commitment, is essential in helping clients achieve their financial goals. Our firm is dedicated to providing unparalleled financial planning and investment advice to individuals, families, businesses and institutions. We have identified key areas that are critical and integral to a client’s financial success. These planning areas encompass: Investment Planning & Management Retirement Planning Estate Planning Tax Planning Business Planning Insurance Planning Income Protection & Asset Preservation Education Planning 401(k) Planning
800 Red Brook Boulevard, Suite 300
Owings Mills
Maryland
21117
United States