May 13, 2022

Master Your Finances: Essential Tips for Proper Tax Planning

It’s safe to say, from individuals to businesses, taxes are on the minds of most not just during tax season but really throughout the whole year. No matter where your financial situation or business interests/aspirations, in order to be successful you’ll need to be well informed just as with any other aspect of your wealth management life. 

At SevenBridge Financial Group, we do much more than simply create a tax plan.

Amongst our services, we also access the expertise of our resident CPA to communicate directly with your accountant, making sure that you really experience the advantages of things like tax loss harvesting and charitable giving. 

Excited to learn more? Keep following along with this blog. We’ll talk about the basics of proper tax planning and how SevenBridge can help your efforts.   

What is ‘Tax Planning’?

First, let’s talk about the definition of ‘tax planning’. According to Investopedia

Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible.  

A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual investor's financial plan. 

Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

What is ‘Tax Loss Harvesting’?

Furthermore, now that we’ve defined the basic definition of the term ‘tax planning’, let’s discuss what is meant by the term, ‘tax loss harvesting’. 

Essentially, what we mean when we say ‘tax loss harvesting’ is the process in which securities are sold at a loss. This is in efforts to try and offset the amount of capital gains tax that would come due on other types of investments you may have. 

What is ‘Charitable Giving’?

Next, ‘charitable giving’ is another major aspect in the tax planning process that may fit quite well with your philanthropic ideals as well as your wealth management goals. What is ‘charitable giving’? 

It is one direct way in which you can monetarily show your support for a meaningful group or organization. 

There are many great things about charitable giving. One of these is that there are several ways in which you can make this happen, depending on your financial situation and goals. 

These include: 

  • Private Foundation
  • Pooled Income Fund
  • Charitable Trusts
  • Real Estate
  • Donor Advised Funds
  • & More!

Why is it so important to have proper tax planning?

As you can see from the above-mentioned information, there are certainly many moving pieces when it comes to tax planning. Having the proper tax planning is important because it allows you to further secure your wealth while also having the potential of helping to make the world better.

Allow a Trusted Financial Advisor to Guide Your Way!

In conclusion, it’s much better to have a trusted guide at your side than to be lost in a sea of tax planning confusion. Our team of financial advisors here at SevenBridge Financial is ever-ready to assist you in achieving your wealth management objectives.

SevenBridge Financial Group: More Details Regarding our Tax Planning Services

• Tax plans are established to minimize taxes in the current year, while considering future tax savings as well.

• Retirement income is carefully engineered to minimize income tax and maximize estate potential.

We provide guidance for major purchases, as well as gifting to family members and charities.

Please do not hesitate to contact us with any questions about our services, our process, or how to get started with a project. 

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SevenBridge Financial Group is a registered investment advisor. Advisory services are only offered to clients or prospective clients where SevenBridge Financial Group and its representatives are properly licensed or exempt from licensure.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

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For current SevenBridge Financial Group information, please visit the Investment Adviser Public Disclosure website at by searching with SevenBridge’s CRD #281037.

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