Burlington Tax Planning CPA for Tax Minimization

Helping clients minimize taxes in Burlington, Lexington, Cambridge, and throughout the Greater Boston area

Most of us would prefer to reduce out tax burden, particularly when such tax payments could be instead placed into a retirement account or otherwise used to benefit ourselves or our families. Our tax planning practice is devoted to helping individuals, businesses, and business owners identify opportunities to minimize tax burdens, and concurrently further personal and business objectives.

Furthering Retirement Objectives

Massachusetts and federal law both provide opportunities to employees and self-employed business owners to contribute to retirement plans on a tax-preferred basis. This means that generally (but not always) contributions can be made pre-tax, and the contributions will be deductible (and thus lower the tax due) in the year in which such contributions are made.

The specific types of retirement plans into which a person can invest will depend on a number of factors; primarily, whether the person is self-employed or not. If the individual is older (typically age 50 or above), individuals may be able to take advantage of “catch-up” provisions, which allow a higher dollar amount to be contributed to plans on a tax-deductible basis.

Healthcare and Other Benefit Plans

Healthcare law has changed significantly since the adoption of Obamacare. Additionally, federal law offers additional benefits that can be granted to employees on a tax-advantaged basis.  These benefit plans can be complex in terms of the benefits available, but nonetheless they may be advantageous to business owners.

When we learn about your business and objectives, we can determine whether there may be opportunities that should be considered.