Tax Planning


  • Record keeping - the need to keep good records cannot be overemphasized! Although we do not offer bookkeeping as a service, we can train you on what records to keep and how to organize them. The IRS will not accept anything you say at face value. They want documentation. You do not want to miss any deductions or credits you are entitled to.
  • Retirement plans - most plans, 401(k), traditional IRAs, SIMPLE plans, and/or SEP are designed to defer current taxes. Other plans such as employer sponsored cafeteria plans, health savings accounts (HSA), ROTH IRAs, and college savings plans provide tax-free benefits. There are also tax credits you may qualify for by participating in a retirement plan. We can take the mystery out of how best you take advantage of these tax advantaged accounts.
  • Many customers just need advice on how to meet the IRS requirement to pay as you go. We can show you how this can be done through payroll deduction or by filing and paying quarterly estimated taxes.
  • Sometimes you can time the receipt of income and deductions to your advantage.
  • Section 529 College Savings Plan - As previously indicated this savings vehicle provides tax free benefits. Unlike any other tax savings advantaged vehicle it also provides a deduction on Oklahoma tax returns.
  • Gifting - Gifts you receive are tax free. However, you need to document the Fair Market Value at the date received. The donor can gift only so much each year without incurring a gift tax.
  • Inheritance - generally any inheritance is also tax free. Again, you need to document the Fair Market Value at date of death. Inherited IRAs require special treatment.
  • If self-employed, the tax entity you choose (sole proprietorship, LLC, partnership, or corporation) is crucial. One size does not fit all. Choosing the correct tax entity that best meets your needs should be planned for carefully.


  • Tax advantaged accounts - how you take distributions from these accounts can have a significant affect on your taxes.
  • Inherited IRAs - consult a tax or financial adviser before taking a distribution.
  • Divorce - how your settlement is structured has many tax implications. Your filing status, adjusted gross income, deductions, and credits are all affected.
  • For the self-employed the sale or purchase of a business has significant tax consequences. How you structure the Agreement is important and you should have tax advice.
  • Knowing when to hold or fold investments can be influenced by tax implications.

Enough said. Can you see the need for a professional team that has the credentials to assist you with proactive and reactive tax planning?