At Elite Income Advisors, safeguarding your investments, enhancing their value, and securing them for future generations are our top priorities.
Income tax compliance and planning are pivotal to this approach. Whether it is handling income tax return preparation, federal or state tax notice resolutions, estimated tax payment calculations, or taxable income projections to manage tax obligations, our team is dedicated to you.
Income Tax Compliance
Our managing director, Stephanie Markwardt, also happens to be a CPA practicing as a sole proprietor during tax season. As such, she can assist you with the preparation of your individual federal and state income tax returns. However, what really sets us apart is our holistic team approach. Stephanie is not simply preparing your tax returns during tax season, she is working closely with our financial advisors and licensed fiduciaries constantly to ensure that we are capitalizing on opportunities to maximize tax savings, reduce tax liabilities, and manage your risks effectively.
Year-End Planning
Tax planning plays a critical role for retirees, helping to reduce the amount of their hard-earned money spent on taxes. As retirees shift from receiving a paycheck to relying on income from investments, pensions, and Social Security, their tax situation can change significantly. Strategic year-end income tax planning is essential to prevent retirees from facing unexpected tax bills during tax season.
Tax Planning
Substantial wealth often leads to complex tax inquiries. We specialize in addressing the unique tax challenges of multi-generational high-net-worth families and comprehending the tax ramifications of each decision you make.
Roth IRA Conversion Projections
Roth IRAs are a very powerful tool for optimizing your retirement. Yet, a common misconception prevails: that individuals with substantial income cannot utilize Roth accounts. While this may hold true for those beginning their retirement savings journey without access to a Roth 401(k) or a Roth 403(b), there is an option for individuals who have accumulated significant funds in a traditional IRA and seek to alleviate their tax burden in retirement by converting their traditional IRA to a Roth IRA. This conversion results in assets that are tax-exempt upon withdrawal, offering the chance to navigate tax brackets and devise personalized tax strategies throughout retirement.
