Planning taxes and managing accounts can be overbearing tasks. But with the help of financial consulting in Denver such as Mueller Accounting & Tax Services, you not only get help managing your finances but several other perks.
Better Investment Strategy
Having your financial consulting in Denver helping with your tax planning can radically improve your investment strategy. You can make more tax-conscious decisions when it comes to employment, product roll-out, acquiring new businesses, exploring revenue sources, etc.
Your consultant will help with asset location, tax-loss harvesting, and tax-efficient withdrawal strategies as well. Each of these elements has its own perks.
- Tax-loss harvesting lets you recognize a loss while your portfolio is invested. It can offset capital gains for tax purposes and helps you rebalance a portfolio while minimizing taxes.
- Asset location is the primary way of making investment portfolios tax-efficient by determining the effectiveness of each security, stock, and account.
- Retirement income planning helps you determine the right withdrawal strategy as well. The distribution phase is done without pushing you into a higher tax bracket.
Find Missed Deductions
If you dig deeper into tax planning with a financial consultant, you may find additional deductions in your insurance premiums, as well as state tax deductions. These are advantageous for your business and help you save capital.
Income Gains
When it comes to reviewing tax returns, your financial consultant can look for income sources in your portfolio, whether it’s a dividend or tax-free income. This will help you understand what kind of investments are purposeful for a client so you can include them in a portfolio.
Additionally, your advisor can recommend investment according to the bracket your business is in. If you’re in a lower bracket, investing in tax-free bonds isn’t ideal and a taxable investment will gain higher returns.