Tax Firms Near Me: How To Find The Best?

Taxes are an unavoidable cost for every American, regardless of their wealth or position. It’s pretty much impossible to avoid paying them. Too many high-net-worth individuals or ultra-high-net-worth families assume they can’t really do anything about their tax bill, so they just focus on growing their wealth as much as possible through aggressive investment strategies. However, for such affluent individuals, simply growing their wealth isn’t enough. They also have to grow their wealth in a sustainable manner while also protecting their assets. This is where tax management comes in. Now before you start searching for tax firms near me, there are a couple of things to know first. If you are an ultra-high-net-worth investor looking to invest your $5 million to $500 million in liquid assets, we suggest first requesting a copy of our book, 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning, which outlines in great detail everything you need to know about investment management and how taxes can impact your financial success.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

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Our financial advisors over at Pillar Wealth Management also know a lot about tax management and optimization. We are a private firm offering a range of financial planning, advisor, investment management, and other wealth management services. Our financial advisors and wealth managers have been handling tax planning and other services for high-net-worth and ultra-high-net-worth clients exclusively for more than sixty years of combined experience. We operate on a strictly fee-only basis, and our fiduciary advisors are always looking out for our clients’ best interests. So, whether you are struggling with your tax bills or need professional assistance in your wealth management, schedule a no-obligation discussion with Pillar Wealth Management today.

In this blog, we’ll be discussing why tax firms are so important for the high-net-worth, what these tax firms do, what they look for, and how to hire a tax firm. Let’s get started.

Table of Contents
Why are Tax Firms Near Me So Important? What Does Tax Firms Do? What Does Tax Firms Look For? How Do I Hire a Tax Firm? Final Thoughts

Why are Tax Firms Near Me So Important?

Taxes are an annoying cost for most people. However, for high-net-worth individuals with $5 million to $500 million in liquid assets, taxes can almost be dangerous for their financial health and future. Moreover, this danger only becomes worse as such wealthy individuals ignore the problem.

They assume there’s no way to control it, so better to just focus on growing their assets through an aggressive investment strategy. This can be a big mistake. For one thing, certain financial decisions such as investing in certain high-taxed assets can further worsen your tax bill.

So, even if you are earning millions and billions of dollars every year on your investments, you will end up losing 30 or even 40% of it to taxes. Then, what is really the use of such investments if you’re only going to lose a major chunk of it?We recommend requesting a copy of our book, 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning, which tackles both investment management and tax management for the high-net-worth.

Moreover, while it is true that you can not avoid taxes altogether, there are certain steps you can take to minimize them. This allows you to retain the maximum amount of your wealth. But, how do you do minimize your taxes? With the help of tax firms.

These firms have years of experience and knowledge that allows them to develop comprehensive plans to control your taxes. They are aware of all the latest tax rules and regulations and stay updated on any changes in the law. Consequently, they are able to execute the most appropriate tax strategies for their clients.

What Does Tax Firms Do?

Depending on the client’s financial position, future plans, financial activities, and other factors, tax firms use different strategies to help manage and minimize the taxes for their clients. This is quite hard because every financial activity does result in some kind of tax implication.

Therefore, tax firms have to oversee many things to make sure they are efficiently and effectively helping the client. Some of the tax-saving strategies they use include:

They Strike a Balance Between Active and Passive Money Management

One of the major contributors to your tax bill is the tax you incur from your investment activities. More specifically, from the style of your investment activities. If your investment advisor adopts a more active money management style, they are bound to incur additional taxes.

This is because such managers tend to rely on hot buys and follow market trends. They are constantly trying to time the market and make several transactions in a year. This not only drives up your management fees, but the short-term trading also leads to short-term capital gains taxes.

Therefore, the tax firm will strike a balance between active and passive money management to allow you to benefit from those high returns but also control your costs and taxes. Passive managers tend to have a long-term approach, and since you are getting long-term capital gains, the tax rate tends to be lower as well.Discover how exactly this impacts your wealth from our guide on portfolio growth strategies.

They Choose Investment Assets Carefully

Along with the investment style, your choice of investment assets can also add to your tax bill. For instance, if you are investing in bonds, there are some bonds that are taxed higher than others. You might be saving for retirement or are trying to establish a source of income.

Either way, bonds are a good choice as they offer good returns. However, bonds issued by corporations tend to get taxed at a high percentage. So, a tax firm might diversify your portfolio to include some tax-free bonds like municipal bonds. Read our brilliant guide on portfolio performance to learn more about how to choose and diversify your portfolio.

They Cultivate Tax Losses

Another strategy that tax firms tend to employ is tax-loss harvesting. If you have ever had a particularly bad year with a lot of losses in the market, your tax advisor can actually turn that to your benefit. They could use the capital losses to offset some of your capital gains and, as a result, lower the amount that would potentially be taxed.

This strategy is also an example of how many high-net-worth individuals are usually not equipped to handle their taxes on their own. They wouldn’t know to use such strategies to minimize their tax bill.

More importantly, if you are already working with a tax firm, and they are not suggesting such strategies when appropriate, you will want to reconsider your decision. Furthermore, we strongly suggest reading our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million, to discover other warning signs that could help you protect your wealth in the long run.

They Help You Move to States with No Income Tax

Depending on your situation, a tax firm may also help you move to another state with no income tax to minimize your tax bill. There are many states out there that charge excessive taxes from high-net-worth and ultra-high-net-worth individuals specifically.

This creates a lot of burden for them and slows them down from achieving their goals. However, moving to no income tax states can be one possible solution. These states include Alaska, South Dakota, Wyoming, New Hampshire, Washington, Nevada, Texas, Florida, and Tennessee.

What Does Tax Firms Look For?

Most tax firms don’t have any strict criteria for who they work with. However, certain firms which offer tax planning and optimization services may set a limit on the net worth of the clients. For instance, at Pillar Wealth Management, we offer various services, including tax management.

However, we strictly deal with high and ultra-high-net-worth clients who have at least $5 million to $500 million in liquid assets. Such individuals have entirely different needs and challenges that we are well familiar with. Learn more about our services by booking a free chat with us.

How Do I Hire a Tax Firm?

Now that you are convinced that you definitely need to search for tax firms near me and start working with one immediately, it’s time to actually hire one. But this isn’t an easy step either. Taxes are a complicated matter, and as mentioned earlier, the advisor should always be aware of all necessary laws and updates in the regulations.

Moreover, they might have to plan your tax optimization strategy around several different financial activities. What all this means is that you can’t be too quick to choose a tax firm. Spend some time researching different firms and then choose the one that seems best. Here’s what high-net-worth individuals need to do:

1. Do a Background Check: Run a thorough background check to ensure that the firm has the necessary credentials and certifications showing that they have gone through the proper training.

2. Check Experience: The tax firm should have a couple of decades of experience so that they really have the skills and expertise to manage the taxes of someone of your caliber.

3. Evaluate Their Services: Check if they offer any other services such as risk management or cost management and whether they have any experience of other financial services.

4. Ask for Reviews and Recommendations: You can even ask friends and family for any recommendations regarding good tax firms around you.

5. Set Up a Meeting: Once you’ve found a potential firm you are interested in, set up a meeting, ask them a few crucial questions, and then if they pass, hire them.

You can also contact our expert financial advisors directly to discuss your tax concerns.

Final Thoughts

High-net-worth individuals will have to deal with taxes their entire life. In addition to that, considering the vast amount of their wealth as well as their net worth, they will often face large tax bills. This not only drains away a significant portion of their wealth but also makes their financial plan and wealth management strategy ineffective.

Furthermore, it takes them further away from accomplishing their goals and targets too. They will end up paying excessive taxes after every investment, shrinking their savings and putting their retirement at risk.

Likewise, when the time comes to transfer their wealth to their loved ones, they will again lose a major portion of it to taxes, leaving much less for their beneficiaries. That’s why if you are a high-net-worth individual, you need to search for tax firms near me and start working with one as soon as possible.

One of the top firms for any tax-related matters or any other financial concerns is Pillar Wealth Management. Our fiduciary financial advisors have been working with affluent clients for many decades now and helping them deal with excessive taxes and costs that drain their wealth. We believe in helping each client meet their financial goals and attain financial serenity. That’s why we take a very comprehensive approach where we help them grow their wealth while also protecting their assets. Set up a consultation with our expert advisors today to discuss your tax problems.

Authors

Hutch Ashoo

Chris Snyder

To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.