Tax Planning

Call Us: (970) 241-8308

No one likes to prepare their tax return only to find out they have a hefty unexpected tax bill. 

At Morris & Tonsfeldt we like to analyze your situation so that we can make educated estimates of what your tax liability will be.  This allows you to plan and prepare for a potential tax liability throughout the year and not just the day before it is due. 

  • We suggest that you meet with us early in the tax season.
  • We advise you to contact us when anything changes substantially during the year so we can re-evaluate
  • We invite you to stay in touch throughout the year as you make major purchases and investments.

Having an accurate projection of your tax liability also allows time to find strategies that may reduce your liability over all.  Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

Taking time to make an appointment to evaluate the progress so far and evaluate a mid-year adjustment to estimated tax payments is often the best way to adjust to changing income and expenses in your business...and personal  financial situation. 

 We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.

We assist businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes all year long, not just at the end of the year.

"Income tax time is when you test your powers of deduction."  - Shelby Friedman

We recommend Tax Saving Strategies that help you...

  • grow and preserve assets by keeping Uncle Sam out of your pockets.
  • defer income so you can keep your money now and pay less taxes later.
  • reduce taxes on your income so you keep more of what you make.
  • reduce taxes on your estate so your family keeps more of what you've made.
  • reduce taxes on your gifts so you can give more.
  • reduce taxes on your investments so you can grow your wealth faster.
  • reduce taxes on your retirement distributions so you can retire in style.

 Here's just a few of the Tax Saving Strategies we use...

  • Splitting income among several family members or legal entities in order to get more of the income taxed in a lower bracket.
  • Shifting income or expenses from one year to another in order to have them fall where they will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Remember, we work for you...not for the IRS.

Many of our clients save in reduced tax liability through careful planning and legitimate tax strategies.