Tax Planning

Taxes are a fact of life, but paying more than you have to is not. Whether you’re a working professional, a retiree drawing from your savings, or a small business owner, effective tax planning can put money back in your pocket. Many people in Albuquerque feel overwhelmed by constantly changing tax laws and wonder if they’re missing out on deductions or credits. You might be concerned about how withdrawals from your 401(k) or IRA will be taxed in retirement, or how to best structure the sale of a business or property to minimize taxes. Without a clear strategy, it’s easy to pay Uncle Sam more than necessary.

At Wealth Management Legacy Planning Group, we help you keep more of what you earn through proactive Tax Planning services. Our team stays up-to-date on federal and New Mexico tax regulations, so you don’t have to. We have financial advisors with tax expertise (including tax preparation experience) who will analyze your financial situation and identify smart strategies to reduce your tax burden legally and effectively. Tax planning with us isn’t just an April exercise – it’s a year-round effort integrated into your overall financial plan.

Our Tax Planning Strategies

Comprehensive tax review

We start by reviewing your recent tax returns and current financial situation to spot opportunities. This includes examining your income sources, investments, business finances, and deductions to create a baseline understanding of where you stand.

Retirement tax optimization

If you’re nearing or in retirement, we develop strategies for tax-efficient withdrawals. This might involve timing distributions from retirement accounts (like IRAs, 401(k)s, or 403(b)s) to manage your tax brackets, planning Roth conversions, and considering how Social Security benefits and required minimum distributions will impact your taxes.

Tax-efficient investing

We advise on asset location (which investments to hold in taxable vs. tax-advantaged accounts), tax-loss harvesting to offset gains, and choosing tax-efficient investment vehicles. The goal is to grow your wealth while minimizing the drag of taxes on your investment returns.

Small business tax strategies

For entrepreneurs and small business owners, we provide guidance on the most advantageous ways to structure your business (LLC, S-Corp, etc.), how to maximize business deductions, and strategies like deferring income or accelerating expenses when appropriate. We also coordinate personal and business tax planning to ensure they work together, especially if your business income is a major part of your personal finances.

Ongoing advice and planning

Tax laws change frequently. We keep an eye on legislative updates and adjust our recommendations accordingly. Throughout the year, if you’re considering a major financial move (selling a home, exercising stock options, etc.), we’re here to advise on the tax implications before you act, so there are no surprises later.

Benefits of Proactive Tax Planning

Maximize your take-home wealth

By reducing unnecessary tax payments, you keep more money available for your goals – be it reinvesting in your business, saving for retirement, or enhancing your lifestyle.

Avoid costly surprises

No one likes an unexpected tax bill. Our planning helps you prepare for taxes on income, investments, or big transactions ahead of time, so you’re not caught off guard.

Integrated financial strategy

Because we handle both your investments and your tax planning, our advice is fully coordinated. We make sure that tax-saving moves complement (and don’t conflict with) your other financial strategies.

Peace of mind and compliance

Rest assured that your tax plan is not only effective but also fully compliant with IRS and New Mexico state rules. With professionals guiding you, you can be confident you’re doing things by the book.

Year-round support

We’re available throughout the year, not just at tax time. Have a question in July about withholding, or need to adjust your quarterly estimates? Just reach out – we’re here to help when you need it.

Don’t let taxes erode your hard-earned wealth. Take control of your tax strategy today by scheduling a free tax planning consultation in Albuquerque, NM. We’re ready to help you keep more of your money working for you.