Maximizing assets and minimizing taxes
With tax planning in our DNA, Boulay integrates strong technical tax guidance with your wealth management strategies. Our goal is a successful financial plan that maximizes growth, equity and cash flow while minimizing your taxes. We offer a variety of tax services to high-net-worth individuals, their families, and related businesses.
How we help you get there
Working collaboratively with your Boulay or tax professionals, our wealth advisors consider the right strategies available to high-net-worth individuals, their families and related business when it comes to reducing your current and future tax obligations and how they may fit into your overall financial plan. While paying taxes is often unavoidable, we help optimize your tax by offering the following services:
Tax Gap Analysis
Many people often fall into a lower tax bracket for several years following retirement only to see their bracket jump again once Required Minimum Distributions (RMDs) from their retirement accounts kick in. We help you determine if you should take IRA distributions immediately or if you should wait.
Strategic Asset Placement
We consider the most tax advantageous asset location for your situation between taxable, tax-deferred and tax-favored accounts.
Resolving Controversies with Tax Authorities
Representation and assistance during examination of income tax returns by tax authorities, including the assembly of documentation and other information in support of income tax returns.
ROTH IRA Conversions
Utilizing WealthNAV™, we analyze the effects of converting pre-tax IRA dollars into a ROTH IRA by comparing the tax obligations at the time and how they will potentially look in the future.
Cash Flow Timing
Analyzing your options for deferring or recognizing income, whether it is in a 401(k), deferred comp plan or health savings account, and making recommendations based on your goals.
Gain/Loss Recognition
The timing of when a particular investment is sold, whether it’s a legacy stock holding or a short-term mutual fund investment, may influence the amount of taxes payable. We help you determine how to reduce the overall tax consequences.
Estate Tax Considerations
Whether it’s how accounts are titled, or your situation requires a complex estate plan, we work with your estate planning attorney to ensure our recommendations integrate well with your estate plan.
Charitable Gifting and Tax Planning
Tax efficiency, simplicity and flexibility make naming a charitable organization a great starting point for those leaving a charitable legacy. Boulay offers practical strategies designed to help you implement a charitable giving plan.
Other Personal Tax Planning Strategies
We also offer many other immediate and long-term tax strategies to maximize wealth:
- Tax Diversification
- Employee Benefit Maximization
- Executive Benefit Planning
- Income Deferral
- Deductible Expense Acceleration
- Trust Coordination
- Distribution Planning
- Social Security Planning
Our process allows you to focus on important matters in your life, while knowing your financial plan is in good hands. With strong technical skills and an exceptional commitment to client service, our tax team offers a client experience where your voice is heard, your needs are understood, and all tax work is completed in a precise, timely, and cost-effective manner.
start your success journey
Boulay’s WealthNAV™ Experience takes a step-by-step approach, guiding you through life’s journey. We explore what you value—your interests, hopes and goals to develop a personalized wealth and tax strategy plan. With ongoing evaluation, we help you visualize where you want to be in the future, helping you create clarity and an enduring legacy that passes on your values and wealth.
Individual Tax Team
Get a Review of your Tax Strategy
In order to maximize your assets and minimize your taxes, you need a team of experts who can proactively apply your income, trust and tax situation to your overall wealth plan and identify effective strategies based on your opportunities. Boulay helps you get there with a comprehensive plan designed to satisfy your individual needs and objectives. Contact us today!
Individual Tax FAQs
Take the larger total. Determine your total itemized amount – add up your mortgage interest, charitable contributions, taxes up to $10,000 (real estate and state income), etc. If the total doesn’t exceed your standard deduction, there isn’t any benefit to itemize, but it’s always worth checking.
The biggest factor in this decision is your current tax bracket compared to your potential future tax bracket. A general rule; if you expect to be in a higher bracket in the future, taxes are “on sale” right now and you should contribute to a Roth with after-tax dollars. If you’re in some of your highest earning years, take the tax break now for an IRA deduction. Note that there are limitations on your annual contributions and it’s possible to be phased out of contributing to certain account types. For guidance on the best tax optimization strategy given your specific circumstances, consult with your Boulay advisor.
These funds are typically used for “charitable bunching” strategies. You would contribute a larger amount in a single year (e.g. five years of your typical giving amount) in order to exceed the standard deduction, thus getting a tax benefit for itemizing. The fund then distributes this money to organizations of your choice. The distribution amount and timing is at your discretion. The years that you do not contribute to the fund (e.g. years two to five in this scenario), you take the standard deduction. This is an excellent tax optimization strategy for a higher income year to avoid a peak in taxes.
Are you receiving income that does not have taxes withheld on the payments? Then most likely, yes. Your tax is determined by your overall income, so if you have not covered your tax liability through withholding, you will likely be required to pay estimated tax.
A couple common reasons; withholding or itemized deductions. Most employers lowered the withholding percentages on paychecks due to the tax law changes that were expected to lower the tax rates for most individuals. However, if you lost out on a large deduction for state income or real estate taxes (capped at $10k) for example, your tax could have increased. Your employer doesn’t know your individual tax situation, so it’s best to review what percentage you expect to pay on your tax return and make sure your withholding percentage matches that. There were several other changes to the tax law that might be the cause – please consult your tax advisor if you have further questions.
Extensions provide an additional six months to file your tax return. This does not mean you have six months to pay in your expected tax bill, if any, at the original due date. If you need additional time to receive tax forms or accurately report your tax information, an extension might be right for you.
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