Tax Planning and Compliance

Seneca Financial Advisors will guide you through income tax planning with an eye toward uncovering tax efficiencies to enhance your financial situation. We thoroughly analyze your income and investment structure to develop a balanced plan that leverages the tax-minimizing strategies that are most suitable for you. Specifically, we:

  • Prepare a projection of your future income and deductions to determine the proper level of withholding and to anticipate your cash needs for tax payments
  • Respond to your questions about the tax deductibility or inclusion in your income of various items
  • Develop an optimal tax payment schedule to help you maximize your cash flow and the time value of money while avoiding underpayment penalties
  • Compare tax rates in sequential years to determine whether the acceleration or deferral of income or expenses is appropriate
  • Recommend strategies for reducing your taxes, using the most recent interpretation of the tax law to provide advice on:
    • Proper interest expense characterization
    • Planning for capital gains and dividends
    • Charitable giving strategies
    • Tax-sheltered and tax-free investments
    • Avoidance or reduction of the Alternative Minimum Tax (AMT)
    • Deferral or acceleration of income or deductions
    • Planning purchase and sale transactions
    • Deferred compensation
    • Formation of other legal entities such as trusts or family partnerships
  • Help you manage the tax process on an ongoing basis by:
    • Maintaining detailed tax records for assets such as real estate and marketable security investments to make planning and preparation of your yearly tax returns easier and more efficient
    • Preparing your federal, state, and local income tax returns
    • Responding to any audits or other inquiries from governmental agencies
  • Assist with any tax audits or notices issued by various state or federal agencies