Tax Analysis

Taxes have a significant effect on the financial security of people at every stage of life. Working people pay income taxes, homeowners pay property taxes, and many investors pay capital gains taxes. But taxes can take a bite out of a retiree’s income, too. And because federal inheritance taxes differ from Maryland inheritance taxes, DC inheritance taxes, and Virginia inheritance taxes, these rules can catch even people who do not think of themselves as wealthy enough to be affected.

For these reasons, Ivy League Financial Advisors conducts careful tax analysis and tax planning for every client.

Our tax analysis starts with the Data Collection Form that is completed by every new client. We supplement that information with a review of the client’s most recent federal and state tax returns. Then we make a projection of tax obligations, using the income, spending, saving, and investment projections that we have developed for the comprehensive financial plan. Often, we can identify tax-deferred savings programs, tax-advantaged debt, and other measures that can greatly reduce taxes.

However, we always take other factors into consideration when we analyze any tax strategy. We have seen that when clients (or even tax professionals) focus solely on avoiding taxes, they might make decisions that are not optimal for their overall financial picture. Going forward, we monitor those decisions and change strategies as a client’s circumstances evolve and tax regulation changes.

What About My Accountant?

Many clients come to Ivy League Financial Advisors with an existing relationship with an accountant or another tax advisor. We are delighted to work with any tax professional who knows our clients’ past history and current situation. We never seek to replace a client’s current tax advisor, and, in fact, we are not tax preparers. Together, we can recommend financial decisions that make the most sense from a tax standpoint, as well as in the broader financial picture.

Find out how basic tax planning can move you closer to your big financial goals. Contact us today for a free initial consultation.

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11 North Washington Street, Suite 250, Rockville, MD 20850
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