Advisory Services

Comprehensive Solutions for Financial Success

At ForMyTax, our Advisory Services provide personalized, strategic guidance to help individuals and businesses achieve their financial goals. Whether it’s tax planning, protecting your assets, or enhancing financial health, our team delivers tailored solutions designed to meet your unique needs.

Personal Tax Planning

Proactive Tax Strategies
- Minimize tax liabilities through tailored strategies that optimize deductions, credits, and retirement contributions.
- Tax-efficient retirement planning, including maximizing contributions to 401(k)s, Roth IRAs, and Backdoor Roth IRAs.

Wealth Transfer Planning

Wealth Transfer Planning
- Plan for the future with strategies to transfer wealth efficiently to heirs, such as gifting, trusts, and family payroll integration.
- Utilize tax-efficient estate planning methods to preserve your legacy.
Education Savings Plans: Secure your child’s future with 529 College Savings Plans or Education Savings Accounts (ESAs).

Business Tax Planning

Entity Structuring: Optimize your business’s tax position by selecting the most advantageous entity structure, such as LLC, S-Corp, or C-Corp.
Payroll and Compensation Planning: Develop tax-efficient payroll and compensation strategies for owners and key employees.

R&D Tax Credit Studies

- R&D Tax Credit Studies: Identify qualified activities and expenses to maximize your R&D tax credits under the Inflation Reduction Act.

Succession Planning Services

Succession Planning: Prepare your business for the future with strategies for ownership transition, whether through sale, merger, or family succession.

Overall Financial Health and Asset Protection Planning

Debt Management: Develop strategies to manage and reduce debt, including student loans, mortgages, and credit card balances.
Asset Protection Strategies: Protect your wealth with asset protection trusts, liability insurance reviews, and entity structuring for real estate and investments.

Financial Statement Review: Ensure accuracy and transparency with regular reviews of your Profit & Loss (P&L) statements and Balance Sheets.
Family Advisory Board Creation: Establish a Family Advisory Board to formalize governance, manage family wealth, and ensure financial harmony.

Why Choose ForMyTax for Advisory Services?

Holistic Approach: We look at your entire financial picture to provide integrated solutions.
Customized Strategies: No two clients are the same; we tailor every recommendation to your unique circumstances.
Expert Guidance: Our team has years of experience in tax, financial, and estate planning.
Proactive Planning: Stay ahead of financial challenges with our forward-thinking strategies.
Transparent Communication: We ensure you understand every step of the process and its impact on your goals.

How It Works

Consultation: We start with an in-depth consultation to understand your financial goals and challenges.
Strategic Planning: Our experts develop a comprehensive plan tailored to your needs, focusing on tax efficiency, asset protection, and financial growth.
Ongoing Support: We provide year-round advisory services, adjusting strategies as your circumstances or regulations change.

Frequently Asked Questions

1. What is the benefit of a Family Advisory Board?

A Family Advisory Board formalizes governance, promotes transparency, and ensures financial decisions align with family goals.

2. How does entity structuring benefit my business?

Choosing the right entity can reduce tax liabilities, limit personal liability, and improve operational efficiency.

3. What is the Inflation Reduction Act R&D Tax Credit?

The credit allows businesses to claim a portion of qualified research expenses as a tax credit. We help identify eligible activities and maximize benefits.

4. How can I protect my assets from liabilities?

Asset protection strategies include setting up trusts, reviewing liability insurance, and structuring real estate or investments in protective entities.

5. Do you assist with succession planning?

Yes, we develop strategies for ownership transitions, ensuring smooth business continuity and tax-efficient transfers.