High Income Tax Planning

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High-Income Tax Planning

If you fall into a bracket of high-income earners, you are likely paying a significant tax bill. Income, combined with the value of your property and other assets, can spike your tax liability. You’ve worked hard to earn a living for yourself and your family, which is why it’s so important to protect your financial health and your family’s future with the proper tax planning strategies.

If you’re looking for tax planning services for high-income earners in Austin, the team at Corn and Corn invites you to call or visit today to learn more. It’s never too soon to start thinking about your future and how you can ensure your legacy for future generations.

Limiting Tax Liability

A high-income earner’s main concern is legally lowering their tax bill. The goal is to create strategies that preserve funds by choosing the right accounts and diverting pre-tax dollars into smart investment, retirement, and savings accounts. During your consultation with the experienced tax professionals at Corn & Corn, we thoroughly examine financial documents to determine your current tax liability and how we can lower your bill with future filings. Several strategies are available to help you meet your future goals.

IRA or Roth IRA – These accounts help funds mature to meet your future financial goals, and investments can be made within the accounts to grow your contribution further. These tax-free accounts provide many benefits for individuals and their families. If you have an existing 401K, you may even be able to roll funds over into an IRA.

Health Savings and Employee Benefit Accounts for Business Owners – Many high-income earners are business owners and have options for placing money into HSAs and benefit plans for their employees. These expenses can be made before taxes and can help lower the deduction threshold, thereby legally limiting tax responsibility and allowing business owners to provide support for their employees.

401Ks and Other Retirement Accounts – Placing income into accounts that are designed to provide for taxpayers in their golden years is another effective and common strategy for reducing reportable income and minimizing taxes owned to state and federal boards. This offers the dual benefit of supporting a quality of life after retirement and reducing the tax burden on individuals and families.

Timing is key when it comes to deciding where to place money during certain tax years. Balancing contributions between years with higher income helps to lower liability and help clients make the best choices to protect their finances.  

Taxation and Estate Planning

Your taxes are closely tied into your plans for the future, including how you will pass down assets to your loved ones, and help create the quality of life you want for kids, grandkids, and beyond. The tax team at Corn & Corn can create a personalized estate plan that includes the creation of trusts and where to invest money inside of those trusts, which is important for consideration, especially in the current tax climate. Our goal in limiting tax liability extends to gift tax and probate. When you choose our team to protect your finances, you can depend on our experience and commitment to quality to meet our goals.

Learn More about High Income Tax Planning – Call Today

The best way to preserve your assets is to get started on a personalized tax strategy sooner rather than later. If you have questions about IRAs, retirement accounts, and how you can reduce your tax bill while remaining compliant with all state and federal regulations, contact our office today to speak to a member of our team.

Contact Corn & Corn, LLP Today!

If you would like more information about the services we provide, contact our Austin tax and accounting firm today!

Please fill out this form and let us know how we can be of service. We would be happy to provide a complimentary consultation to get to know you and your business.

We look forward to helping you gain financial stability and peace of mind.

Corn & Corn, LLP

13915 Burnet Rd, Suite 402,
Austin, TX 78728
T: (512)476-6006
F: (512)476-0657
E: info@cornandcorn.com

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