Tax Planning
Planning is the key to legally reducing your tax liability. We go beyond compliance and recommend strategies that raise your after-tax income, timed before the year closes, when they can still make a difference.
How Nelson & Associates handles Tax Planning
By the time a return is prepared, most of the year's tax outcome has already been decided. Tax planning moves the conversation earlier. We project your income for the year, compare scenarios and recommend specific actions: when to buy equipment, how to structure owner pay, which retirement plan fits, whether to harvest a loss or delay a sale.
Planning is especially valuable for business owners, high earners, people with income in more than one country and anyone facing a big one-time event such as selling a business or property, receiving an inheritance or moving to Florida. Every recommendation stays within the law. We do not sell aggressive shelters.
Who this is for
- Business owners whose income changes from year to year
- High earners facing the 3.8% net investment income tax
- People selling a business, rental property or large investment
- Families moving to Florida from a high-tax state
- Clients with income or assets in more than one country
- Retirees planning withdrawals and Social Security timing
Everything covered in our Tax Planning service
- Mid-year and year-end tax projections
- Entity and owner-compensation review
- Retirement plan comparison: SEP, SIMPLE, Solo 401(k) and defined benefit
- Timing of income, deductions and equipment purchases
- Capital gain, loss harvesting and NIIT planning
- Charitable giving strategies, including donor-advised funds
- Florida domicile planning for new residents
- A written action list with deadlines
The paperwork behind Tax Planning
| Form 1040-ES | Estimated tax payments for individuals |
|---|---|
| Form 2553 | S corporation election |
| Form 8960 | Net investment income tax |
| Form 8995 | Qualified business income deduction |
| Form 5500-EZ | Annual return for one-participant retirement plans |
| Form 8606 | Nondeductible IRA contributions and Roth conversions |
| Form 3115 | Change in accounting method |
| Declaration of Domicile | Florida filing that supports a change of residence |
What we’ll need from you
Have these ready and your first meeting goes faster. Missing something? We’ll help you find it.
- Last two years of tax returns
- Year-to-date profit and loss for each business
- Recent pay stubs and retirement plan statements
- Brokerage statements showing unrealized gains and losses
- Details of any planned sale, purchase or move
- Estimated tax payments made so far
- Information on dependents and education plans
How it works, step by step
Discovery meeting
We learn your goals, income sources and upcoming events.
Projection
We model this year's tax and test alternative scenarios.
Recommendations
You receive a written plan with estimated savings and deadlines.
Follow-through
We check in before year end and adjust as things change.
Why clients choose us for Tax Planning
Year-round, not once a year
Planning meetings happen while there is still time to act.
Numbers, not guesses
Every strategy comes with a projected tax effect.
Conservative and defensible
Only strategies grounded in the Internal Revenue Code and IRS guidance.
Cross-border perspective
Planning that accounts for foreign income, treaties and reporting.
Tax Planning across the United States
From our Doral office we provide Tax Planning to clients in all 50 states and Washington, D.C. Hover over a state to see its tax profile and the cities we serve; tap it to open the state page.
Services clients often pair with this
Individual Tax Preparation
Federal Form 1040 and any required state returns for employees, families, retirees and investors, prepared by a CPA firm and reviewed line by line.
Learn more Tax Preparation & PlanningBusiness Tax Preparation
Corporate, S corporation and partnership returns, plus Florida corporate income tax, prepared from clean books and filed on time.
Learn more Business Accounting & AdvisorySuccession Planning
Plan the transfer of your business to family, partners, employees or a buyer, with the tax consequences mapped out in advance.
Learn more Individuals & FamiliesPersonal Financial Planning
Tax-aware planning for cash flow, retirement, education and major life events, built around your goals.
Learn moreMore in Tax Preparation & Planning
Tax Planning FAQs
7 answers to the questions clients ask most. Don’t see yours? Ask us directly.
When is the best time to plan?
The earlier the better, ideally by mid-year and again in the fall. Some strategies, such as retirement plan setup and equipment purchases, must be in place before December 31.
How is tax planning different from tax preparation?
Preparation reports what already happened. Planning changes what happens, by deciding the timing and structure of transactions before the year ends.
Is an S corporation always better?
No. It can reduce self-employment tax, but it adds payroll, a separate return and other costs. We compare the numbers for your actual income before recommending it.
What is the net investment income tax?
A 3.8% tax on investment income for individuals with modified adjusted gross income above $200,000 (single) or $250,000 (married filing jointly). Large one-time gains can trigger it, so timing matters.
I'm moving to Florida. How do I stop paying my old state's tax?
You generally need to change domicile and be able to prove it: a Florida Declaration of Domicile, driver's license, voter registration, homestead and where you spend your time. We help you document the move and file the final part-year return.
Do you sell tax shelters?
No. We recommend only legitimate, well-documented strategies, and we explain the risks of anything a promoter offers you.
Do you offer Tax Planning outside Florida?
Yes. Our office is in Doral, Florida, and we work with clients across the United States and abroad through secure uploads, phone and video meetings and e-signatures. South Florida clients are welcome to meet with us in person.
Talk to a CPA about Tax Planning.
Your initial consultation is free. Call us, email us or visit our Doral office, and we’ll tell you exactly what you need and what it will cost.