Tax Planning

Tax Planning Services in Carroll County, Maryland

Benjamin Franklin was very astute in saying, “In this world nothing can be said to be certain in life except death and taxes.” So, if we can’t avoid taxes, the next best approach is to educate ourselves about them and understand effective strategies that can minimize our tax burden. Most think there is only one time per year when we turn our attention to taxes. However, tax planning is actually a year-round activity. Tax data is typically gathered toward the beginning of the year; tax preparation takes place as we move farther along with the dreaded deadline of April 15th; and tax-loss harvesting is on the minds of financial advisors every fall.

Taxes have a significant impact on many areas of our financial lives; insurance planning, estate planning, investment planning, charitable/legacy planning and more. Taxes serve almost as a butterfly cross-pollinating every other area. This level of complexity and interrelatedness requires the experience and knowledge of a Certified Public Accountant (CPA). Main Street Advisors, LLC has relationships with several extremely qualified and reputable CPAs in the area to assist you with all of your tax needs

Common Tax Planning Areas of Focus

  • Federal, state and local income tax
  • Self-employment tax (quarterly estimated payments)
  • Capital gains tax
  • Alternative minimum tax
  • Estate tax
  • Withholdings
  • Gift tax

How We Can Help?

  • MSA will work directly with your chosen tax professional to ensure your tax strategies are aligned properly with all other areas of your overall financial plan.
  • We will provide information and documentation to your tax professional as needed.
  • We will engage in tax loss harvesting where warranted to offset taxes on both gains and income as well as maintain an optimal asset allocation for expected returns.
  • MSA strives to utilize tax efficient investments wherever possible.

Tax planning is essential to protect what you’ve worked so hard to grow. Let us help you!