The planning phase is a very important part of reducing your tax liability. Berry Group’s goal is to minimize your tax liability through an understanding of your individual circumstances and important taxable transactions. Our tax planning services for individuals include:
1. Basic concepts - Income tax summary
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Filing status
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Income
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Credits
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Payments
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Tax rates
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Standard deduction
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Standard deduction additions
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Itemizing deductions
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Personal exemptions
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Charitable deductions
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Adjustments to tax
2. Development of strategies to meet personal and family goals
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Family
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Kiddie tax
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Adoption credit
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Dependent care credit
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Long-term care premium
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Earned income credit
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Shifting income
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Life events
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Marriage
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Becoming parent
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Divorce
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Education Tax Incentives
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Student loan deduction
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Higher education tuition and fees deduction
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529 Plans
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Prepaid tuition plans
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Home
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Deductions
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Selling your home
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New energy incentives
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Mortgage services
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Investments – Real estate
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Rental properties
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Vacation homes
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Retirement Plans
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Employer-Sponsored plans (401-K, SEP, Simple SEP, etc.)
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IRAs
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Traditional IRA to roth IRA
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Rollover to In-Plan roth IRA
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Estate and Gift Tax
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Inheritance
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Gift tax rules
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Gift tax planning
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Gift to relatives
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Estate tax preparation
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Lifetime gifts vs. transfers at death
Other Services
