Tax Effective Solutions

Many jurisdictions now have far-reaching laws that give them tax rights over people who inherit property from another country or where the deceased or the heir were/are resident, domiciled or hold nationality in another jurisdiction. We are very experienced with all aspects of the benefits and burdens of these treaties and are happy to work with the client representatives to protect the assets of the trust or foundation.

This can be achieved by using Double Tax Treaties and other relevant legislation?

By deferring (postponing) income to a later year, you may be able to minimize your current income tax liability and invest the money that you’d otherwise use to pay income taxes. And when you eventually report the income, it’s possible that you’ll be in a lower income tax bracket. You may also be able to minimize your federal income taxes by shifting some income to family members who are in a lower tax bracket.

Part of minimizing federal income tax is about taking advantage of all deductions to which you are entitled, and timing them in the most beneficial manner. Because you can sometimes control whether a deductible expense falls into the current tax year or the next, you may have some control over the timing of your deduction.

You can also minimize tax by making tax-conscious investment choices. Potential strategies can include the use of tax-exempt securities and intentionally timing the sale of capital assets for maximum tax benefit.

Year-end tax planning, as you might expect, typically takes place in October, November, and December. At its most basic level, year-end tax planning generally looks at ways to time income and deductions to give you the best possible tax result.

If you give away wealth, during life or at death, you may incur federal taxes—and possibly additional state taxes. These taxes include gift, estate, income, and inheritance taxes. You can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.

Tax issues are never far from the mind of the business owner. It’s likely that many of your decisions will be tax based. It starts with the formation of your business and continues through the sale. Your choice of business entity, how you pay out profits, and your accounting decisions will all have an effect on your tax liability.