Strategic Tax Planning

Strategic Tax Planning is the year-round evaluation of your tax positions

and on-going analysis of new opportunities to save you money. 

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On-Going Analysis:

Throughout the year, and year-after-year, income, deductions, tax brackets, exemptions and credits are all subject to change. The only way to avoid new pitfalls, and capture new opportunities, is to monitor your tax profile year-round.

• Collaborate with your tax preparer

With your written authorization, your FirsTrust advisors can routinely collaborate with your CPA or tax preparer to share critical information regarding current year tax deductions, assemble your necessary reporting forms, track your cost basis, optimize estimated payments and/or tax withholding, and assess new tax laws or potential tax shifting opportunities.

• Collaborate with Your Comprehensive Financial Planner

FirsTrust advisors can help you receive a consistent, tax-wise retirement income by strategically blending your cash flow from ordinary income, capital gains income and tax free sources. In some cases, a portion of your company retirement plan may also qualify for lower capital gins tax treatment. And in many cases, there are strategies that can be deployed to minimize the tax bite from your Social Security check. 

• Collaborate with Your Investment Advisor

Many investment advisors offer a "tax efficient" investment portfolio, but that falls substantially short of having an investment advisor who proactively manages your investment taxes. Investment gains can be taxed at a higher rate than necessary without precisely tracking cost basis, carry-forward capital losses, or applying them in accordance with the IRS Wash Sale rule. Year-round efforts to capture and/or defer investment losses to offset capital gains is one way FirsTrust can deliver consistent value to our clients.

• Collaborate with Your Estate Planner

Myths and misunderstandings surrounding the federal gift & estate tax are widespread and can be costly. There are both federal and state estate taxes in some states. Even jointly titling an asset with someone else can trigger a gift tax. The tax code also provides significant exemptions and planning techniques to mitigate gift and estate taxes, and FirsTrust has decades of practical experience helping clients navigate these misunderstood concepts.