Maximizing assets and minimizing taxes
Balancing unique ambitions with the increasingly complex tax code, high-net-worth individuals require more than basic tax preparation and planning. With tax planning in our DNA, Boulay integrates strong technical tax guidance with your wealth management strategies for a holistic approach. Our goal is to help you create a comprehensive tax and financial plan that maximizes growth, equity and cash flow, minimizes taxes and ensures compliance—helping you achieve your goals. We offer a broad range of personal tax services to assist in all areas of individual tax preparation, compliance and planning.
How we help you get there
Working collaboratively with advisors across the firm, our Private Client Services team develops the right tax-efficient strategies to meet the unique needs of high-net-worth individuals, their families and related businesses. Considering your overall tax exposure, we then implement these strategies with the goal of managing your current and future tax obligations and integrating seamlessly into your overall financial plan. While paying taxes is often unavoidable, we help optimize your strategy with the following individual tax services:
- Individual (Form 1040)
- Expat Returns
- Gift tax
- Estate and Trust tax (Form 1041)
- Death tax returns
- Partnership (Form K-1s)
- Information returns (Forms 1099 and W-2)
- Family Limited Partnership
- S-Corporation
- C-Corporation
- Guidance on standard deduction vs. itemized deduction
- Tax bracket optimization
- Estimated payment calculation and planning
- Tax-efficient investing and planning
- Tax withholding analysis
- Audit representation
- Avoiding or reducing Alternative Minimum Tax (AMT)
- Net investment income tax (NIIT) guidance
- Capital gains tax and timing
- Tax-deferral strategies for investment property
- Large asset purchase structuring (planes, yachts, real estate)
- Tax-optimized entity structure
- Resolving controversies with tax authorities
- Updates on tax law changes and related opportunities
- Strategic asset placement
- Cash flow planning
- Gain/loss analysis
- Executive benefit and compensation planning
- Stock options/equity compensation planning
- Retirement distribution planning
- Roth IRA conversions
- Social Security planning
- Medicare tax
Our process allows you to focus on what’s important in your life, while knowing your financial plan and personal tax situation are in good hands. With strong technical skills and an exceptional commitment to client service, our individual tax team offers a client experience where your voice is heard, your needs are understood, and all tax work is completed in a precise, timely, and cost-effective manner.
Individual Tax Team
Get a Review of Your Tax Strategy
In order to keep more of what’s yours, you need a team of experts who can proactively apply your income, trust and tax situation to your overall wealth plan and identify effective strategies and opportunities based on changing tax laws. Boulay helps you get there with a comprehensive plan designed to satisfy your individual needs and objectives. Contact us today!
Individual Tax FAQs
Take the larger total. Determine your total itemized amount – add up your mortgage interest, charitable contributions, taxes up to $10,000 (real estate and state income), etc. If the total doesn’t exceed your standard deduction, there isn’t any benefit to itemize, but it’s always worth checking.
The biggest factor in this decision is your current tax bracket compared to your potential future tax bracket. A general rule; if you expect to be in a higher bracket in the future, taxes are “on sale” right now and you should contribute to a Roth with after-tax dollars. If you’re in some of your highest earning years, take the tax break now for an IRA deduction. Note that there are limitations on your annual contributions and it’s possible to be phased out of contributing to certain account types. For guidance on the best tax optimization strategy given your specific circumstances, consult with your Boulay advisor.
These funds are typically used for “charitable bunching” strategies. You would contribute a larger amount in a single year (e.g. five years of your typical giving amount) in order to exceed the standard deduction, thus getting a tax benefit for itemizing. The fund then distributes this money to organizations of your choice. The distribution amount and timing is at your discretion. The years that you do not contribute to the fund (e.g. years two to five in this scenario), you take the standard deduction. This is an excellent tax optimization strategy for a higher income year to avoid a peak in taxes.
Are you receiving income that does not have taxes withheld on the payments? Then most likely, yes. Your tax is determined by your overall income, so if you have not covered your tax liability through withholding, you will likely be required to pay estimated tax.
A couple common reasons; withholding or itemized deductions. Most employers lowered the withholding percentages on paychecks due to the tax law changes that were expected to lower the tax rates for most individuals. However, if you lost out on a large deduction for state income or real estate taxes (capped at $10k) for example, your tax could have increased. Your employer doesn’t know your individual tax situation, so it’s best to review what percentage you expect to pay on your tax return and make sure your withholding percentage matches that. There were several other changes to the tax law that might be the cause – please consult your tax advisor if you have further questions.
Extensions provide an additional six months to file your tax return. This does not mean you have six months to pay in your expected tax bill, if any, at the original due date. If you need additional time to receive tax forms or accurately report your tax information, an extension might be right for you.
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To learn more about how we can help, contact us by phone at 952.893.9320 or email us.