Tax Planning
Navigating the IRS Internal Revenue Code (IRC) is a dynamic task that requires experience and expertise. Although we do not specialize in completing tax returns or specific tax services, tax planning surrounding your investments and financial plan is crucial to long-term success. We will work with you to develop strategies designed to ethically maneuver the tax code and its intricacies.
Specific topics we will walk through with you will include:
- Income distribution planning – which accounts to use for tax-efficient withdrawals?
- Account set up and funding – Roth or tax-deferred 401(k) contributions?
- Tax-loss harvesting – transactions at year-end to optimize non-retirement accounts.
Estate Planning
Preserving wealth from one generation to the next can be a challenging process. Guidance from a KPP professional advisor can help to ensure your financial independence is shared with your family, friends, and charitable organizations, according to your wishes.
We will work closely with your tax and legal advisors to ensure your financial plan reflects your estate planning needs. Whether you use a trust or another method for accomplishing your long-term estate planning goals, we can assist you in navigating this complex landscape.
Education Planning
Whether you’re paying tuition costs now or saving for a future goal, it’s important to ensure that your education strategy is compatible with pursuing your financial objectives.
As an independent firm, we can offer solutions for tax-favored education savings vehicles through third-party affiliation. 529 college savings plans are currently the most popular education savings vehicle today.
Other key areas surrounding to consider in this process are:
- College choice
- Government aid
- Scholarships & grants
- Taxes
- Cash flow
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.