Individual & Family Taxation
The complexities affecting individual income taxation in the United States, in combination with the regulations of each state and local jurisdiction, can make planning and tax return compliance a daunting task for individuals and families. Under current law, the highest marginal income tax rate is 37% for federal income tax purposes. Combined with other tax return adjustments, this rate can grow to exceed 40%. After adding social security and Medicare taxes, state income taxes, local wage and earnings taxes, nearly one-half of an individual’s earnings can be consumed by these taxes without proper planning. Such a tax bite makes building wealth a substantial challenge, regardless of the earnings level of the individual!
Grossman Yanak & Ford LLP’s tax specialists have extensive experience with corporate executives, business owners and entrepreneurs and other high-net-worth individuals. Our sophisticated tax planning strategies very often lead to lowering your overall tax liabilities and ensuring that you are paying the absolute minimum taxes required by law.
Our Firm is committed to providing an exceptional level of service to all individuals and their families, with a focus of delivering personalized, proactive tax planning ideas, along with the highest quality tax return preparation.
The tax planning strategies that you can expect from our tax specialists will be driven by your specific facts and circumstances, but will encompass a wide array of tax challenges including, but not limited to, the following:
- Individual income tax preparation
- Individual and family tax planning
- Amended income tax return preparation
- Alternative minimum tax (AMT) planning
- Charitable giving strategies
- Multi-state tax planning strategies
- International tax considerations
- International financial reporting requirements
- Stock option, noncash compensation strategies
- Nonqualified deferred compensation planning – IRC section 409a
- Education expense planning
- Debt planning and restructuring
- Rental property/vacation home planning
- Investment strategy tax analysis
- Passive activity planning
- Estate and gift tax planning strategies and compliance
- Preservation and management of family assets