Tax-Planning
Tax Planning Services at NRI Wealth Management
The words “effective” and “efficient” are commonly used in the world of finance, especially in the context of tax planning. At NRI Wealth Management, we recognize and appreciate “efficient and effective” tax planning as the backbone of financial success. As 100% fiduciary advisors, we offer client specific and proactive tax planning strategies which are carefully crafted by us to minimize your tax liabilities while remaining in complete congruency with your financial goals on the whole. This comprehensive approach we take, makes sure that every facet of our client’s financial life is effectively optimized for tax efficiency.
Tax-Efficient Investment Strategies
Maximizing Tax-Advantaged Accounts: Some accounts are tax advantaged – such as 401(k)s, IRAs, HSAs and 529 plans. We help you fully leverage such accounts and plans to grow your wealth and minimize tax liabilities.
Tax-Loss Harvesting: We help you minimize taxes on capital gains by strategically off-setting such gains with losses in investments.
Asset Location Optimization: We place your investments in accounts that are tax-efficient to reduce your overall exposure to taxes.
Capital Gains Planning: We also advise you to methodically hold and/or sell investments to take advantage of long term capital gain tax rates that work in your favour.
Income Tax Planning
Bracket Management: We help you structure your income and your deductions in a manner that prevents you from moving into higher tax brackets.
Charitable Giving Strategies: Philanthropy and charitable donations can also help you optimize your tax liabilities! We help you do so by making you benefit from tax deductions through donor advised funds or appreciated securities donations.
Tax Credit Optimization: We identify and apply for credits for you, like – education, child tax, energy efficiency incentives etc, which help further minimize your tax liability.
Estate and Gift Tax Planning
Wealth Transfer Strategies: We construct gifting plans which are tax-efficient – such as annual exclusion gifts, funding education with 529 plans. This helps further reduce the tax liability on your part.
Trust Planning: We collaborate with estate attorneys on your behalf to create trusts that reduce estate tax liabilities while also preserving your legacy.
Step-Up in Basis Optimization: Plan for the step-up in basis to reduce capital gains taxes for your heirs.
Business and Self-Employment Tax Planning
Entity Selection Guidance: Advise on choosing the right business structure, whether LLC, S-Corp, or C-Corp, to maximize tax benefits.
Maximizing Business Deductions: Ensure all eligible deductions—home office, equipment, travel—are identified and utilized.
Retirement Plans for Business Owners: Recommend tax-deferred savings options like SEP IRAs, Solo 401(k)s, or defined benefit plans tailored for entrepreneurs.
Section 199A Deduction Optimization: Assist in claiming the Qualified Business Income deduction for eligible pass-through entities.
Retirement Tax Strategies
Withdrawal Planning: Develop strategies for tax-efficient withdrawals from retirement accounts, including RMD planning.
Roth IRA Conversions: Assess the benefits of converting traditional accounts into Roth IRAs during low-income years.
Social Security Optimization: Strategize your Social Security benefits to reduce taxable income while maximizing lifetime benefits.
Real Estate Tax Planning
Rental Property Optimization: We help you leverage depreciation, mortgage interest, and other allowed expenses for optimizing your rental property.
1031 Exchanges: We can also help you defer taxes on capital gains on investment properties through like-kind exchanges.
Primary Residence Exclusion: We ensure that you qualify for exclusion of tax on sale of what is your primary residence.
Comprehensive Tax Support
Tax Law Compliance: Stay informed and compliant with the latest changes in tax laws and regulations.
Tax Filing Coordination: Collaborate with your CPA or tax preparer to ensure accurate and timely filings.
Audit Support: Provide documentation and guidance in the event of an IRS audit.
Why Choose NRI Wealth?
We, at NRI Wealth Management are 100% fiduciary advisors, and we take this responsibility with a lot of pride. We are completely devoted to acting in our shared best interest, by crafting individualized tax strategies that are in congruence with the overall financial plan. By letting us work for you, you gain:
Unbiased Expertise: Tax solutions and strategies that are focused solely on your goals.
Holistic Integration: Tax strategies that are in complete harmony with your investment, estate, and retirement, and other financial plans.
Proactive Adjustments: With any change in the tax laws, or any change in your own financial position, we adapt the tax plan with any such change.