Tax planning is the process of analyzing a client's financial situation to identify legal strategies to minimize their tax liability. It's about being proactive and taking advantage of available tax breaks, rather than just reacting to tax laws at the end of the year. 

At LIMRA Tax Services, we believe that tax planning shouldn't be a once-a-year scramble. Our proactive approach helps individuals and families minimize their tax liability and achieve their financial goals throughout the year. 

This can be achieved through a focus on:

• Maximizing deductions (like those for retirement contributions, healthcare expenses, or charitable donations)

•  Taking advantage of tax credits (like the child tax credit or education credits)

• Strategizing about income timing to minimize taxes 

Taxes are a significant expense for any business. Our proactive tax planning services can help you minimize your tax liability and free up more capital to reinvest in your growth. 

These goals can be achieved by focusing on issues such as:

• Entity Selection: Choosing the right business structure 

• Deduction Optimization: We'll ensure you're taking advantage of all eligible deductions for business expenses, depreciation, and more

• Tax Credits: We'll identify any tax credits you may qualify for, such as those for research and development, hiring new employees, or investing in energy-efficient equipment 

• Income and Expense Timing: We'll help you strategically time your income and expenses to minimize your tax liability