Tax Consequences for Not Abandoning Domicle
The concept of your domicile is very different from that of your residency Domicile is an important concept in determining one’s residency status for tax purposes. Simply put, a domicile…
Tax Planning
Because efficient tax strategies play an important role in the success of our clients’ financial objectives, Ballast Advisors provides tax preparation and consulting services as a core component of our financial planning services. Whether we are creating year-end investment tax strategies or the preparation of individual and fiduciary tax returns, the impact of taxes is an integral part of our analysis. The ability to seamlessly integrate this service into your comprehensive financial plan, allows our advisors to create solutions that complement all aspects of our clients’ financial plan.
Assumption is not part of our strategy
When preparing a tax return it’s important to make sure that you have all of the correct information. Ballast Advisors brings to the table the experience of collecting financial information safely and securely to complete your tax return in a timely manner. We don’t rely on assumptions or guesswork when preparing a client’s federal or state tax return. We will help you gather the necessary information correctly the first time.
Ballast Tax & Business Services
Our affiliated Accounting practice is available for your tax needs. Ballast Tax & Business Services strategies are designed to help small businesses meet both long and short-term goals. The services include: tax planning and preparation, IRS representation and financial reporting and payroll.
For More see: Ballast Tax And Business Services
7 Things You Can Do to Trim Your 2023 Tax Bill
Reducing your tax liability can literally save you thousands of dollars Tax season can be a stressful time for many people, especially if you’re not fully prepared. However, with some…
Is Tax Loss Harvesting Worth It?
Introduction After a rough year in the market, it’s rare an investor didn’t experience losses. How you treat those losses come tax time can mean a lot in the long…
Checklists for Year-End Tax Planning
What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several…
How to Minimize Taxes During Market Downturns
Market downturns, like the one through the first half of 2022, could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate…
Watch Out for These Common Tax Scams
According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding…
There’s Still Time to Contribute to an IRA for 2021
Making a last-minute contribution to an IRA may help you reduce your 2021 tax bill. If you qualify, your traditional IRA contribution may be tax deductible. And if you had…
2022 Key Numbers
A popular tool, the 2022 Key Numbers document is a comprehensive list of tax bracket and deductions information to assist you as you consider your financial plan for the year. It…
2021 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer…
5 Reasons to Consult a Financial Planner on New Tax Legislation
5 Reasons to Consult a Financial Planner on New Tax Legislation The new tax legislation proposed will undoubtedly impact the tax responsibilities of those…