Tax Planning Services

Tax Planning for Individuals

Tax Planning for Individuals


Based on your financial goals, personal tax history and business situation, we help you develop a personal, family and business tax plan that maximizes your tax savings today and over the long run.

What is Tax Planning?

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.

Tax planning encompasses many different considerations, including the timing of income, purchases and other expenditures; the selection of investments and types of retirement plans; and a person's filing status and common deductions.

What Tax Planning really means

Tax planning is the art of arranging your affairs in ways that postpone or avoid taxes. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend. Or both. Your choice.

Put another way, tax planning means deferring and flat out avoiding taxes by taking advantage of beneficial tax-law provisions, increasing and accelerating tax deductions and tax credits, and generally making maximum use of all applicable breaks available under our beloved Internal Revenue Code.

Year-Round Tax Planning

Tax planning is an ongoing process that minimizes taxes, maximizes credits and protects assets. We do the initial tax review of your situation when you join Torchlight Tax and continue to provide tax planning strategies for you to consider on an annual basis.

Annually, Torchlight Tax:

  • Reviews your previous year’s tax return
  • Assesses your current record keeping and reporting requirements
  • Updates strategies to reflect changes in tax legislation and your personal business situation

Integrated Approach

Torchlight Tax’s integrated approach develops tax planning strategies that take your individual, family and business all into account.

We'll flag, for your consideration, tax-saving opportunities appropriate to your situation, such as:

  • Income splitting
  • Income averaging or deferral
  • Income conversion
  • Tax credit, incentive and deduction optimization
  • Business organization

Tax Planning for Companies

Financial planning is the art of implementing strategies that help you reach your financial goals, be they short-term or long-term. That sounds pretty simple. However, if the actual execution was simple, there would be a lot more rich folks.

Tax planning and financial planning are closely linked, because taxes are such a large expense item as you go through life. If you become really successful, taxes will probably be your single biggest expense over the long haul. So tax planning strategies to reduce taxes is a critically important piece of the overall financial planning process.

Tax Planning for Corporates

The larger the company, the more employees, the greater the burden on the management to run profitably and to make adequate allowances for their staff and the planning of finances, taxes and profits and losses. This is where a tax pro is invaluable - as they provide a guiding light to management as what and what not to do, and where to steer clear of and how to make the most of trying circumstances, and where to find the tax breaks once the company expands and extends into other states.

Saving you both time and money - by doing your taxes the right way. You stay focused on creatively running your business and making new things happen. These are your strengths and where you should be concentrating your energy and efforts. Let the pros take care of the nitty gritty for you and benefit from how, what and where they save your company money on taxes. That is the smart choice.

Enrolled Agent - Torchlight Tax

What We Do

Client testimonials

"I got a letter from the IRS correcting my 2013 return. I did not understand it and was not sure how to fix my return. It was only $200 more, but I was worried . I took it to Dave. He found the mistake the IRS had found and told me how he would correct it. It made sense. He then reviewed the rest of my return, found another error, filed an amended return, and I get a $5,000 refund on 2013. Then he reviewed 2014 and did an amended return, and I get another big refund. Dave is now my "go to" tax guy."
Read More Testimonials