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Tax Planning and Advisory
Reduce your tax burden，maximize your after-tax wealth
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An Introduction to LaunchAbove Tax Advisory
Legal tax avoidance has long been endorsed by the courts and even the Congress. The courts have often made it clear that taxpayers are under no moral obligation to pay more taxes than required by law. In Commissioner v Newman, 159 F.2d 848 (2Cir.,1947), Judge Learned Hand provide following opinion:
“Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions.”
Back in 2013, Warren Buffett said that he paid a lower tax rate than his secretary, thanks to the many loopholes and deductions that benefit the wealthy. In reality, the richest 400 Americans paid an 8.2% average rate on their federal individual income taxes from 2010 to 2018, according to a report published by White House in 2021. Shocking, Right? No one wants to pay tax, even the rich. How can you lower your tax burden? We are here to help.
What is effective tax planning?
Effective tax planning shall focus on maximizing your after-tax wealth while achieving the taxpayer’s non-tax goals. Maximizing after-tax wealth is not necessarily the same as minimizing taxes. Oftentimes, we hear clients saying they want to save on tax, but what they really want is to save on cash so they can build wealth. Maximizing after tax wealth requires us to consider both the tax and non-tax costs and benefits of alternative transactions, whereas tax minimization focuses solely on the tax cost only.
Why tax planning is important?
Tax planning is crucial as it helps individuals and businesses legally minimize their tax liabilities, enhancing financial efficiency and aiding in informed decision-making. It ensures regulatory compliance, thereby avoiding penalties and fines, and influences investment decisions by highlighting their tax implications. Efficient tax planning is also vital for effective cash flow management and taking advantage of government incentives. Additionally, it assists in future financial planning, like retirement or business expansion, and provides peace of mind by reducing financial uncertainties related to taxes.
Let's us help!
We take a consultative approach to our client relationships. We advocate and educate you to help you make informed decisions.
We set two expectations from our tax advisory clients. First, we expect our clients to be open, honest and responsive in communication. Second, we prefer to work with the clients as a collaboration, where our challenges and success are shared.
Having said all these, let us work together to reduce your tax burden and build your wealth!
Tax Planning Workflow
Standardizing workflow is the key for us to be productive and service our clients well. Our tax advisory workflow is developed into four segments: Onboarding, Evaluation, Guidance, and Action (Repeat).
Tax Advisory Service Types
We provides two types of service：
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Tax Projection Services
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Comprehensive Tax Planning
Tax Projection Services
A tax projection is a financial tool that helps you know how the future may look like depending on some already set assumptions. Usually, tax projection involves using your previous year’s deduction and income information to predict future taxes. It also consists of adjusting the current year’s details such as tax rates, potential deductions, income changes, among other details.
The more we know about your current year’s finances, the more accurate the projection will be. That’s why we often wait until later in the year to run a projection. But for clients with more complex finances—such as business owners, executives with lots of non-salary compensation or someone retiring this year or next—we recommend to run a few tax projections a year based on different scenarios.
This service is charged at the rate $180/30min.
Streamlined Projection:
Includes updates to W2 wages, portfolio income and retirement income.
Price usually around $300 - $450 (1 to 1.5 hour of service charge)
Business and Rental Projections:
Includes streamlined above plus updates on rental income and business income. If you own a S Corp, we also provide shareholder-owner salary recommendations
Price usually around $450 - $750 (1.5 to 2.5 hour of service charge)
New Immigrants Projections:
Includes Streamlined above plus updates on foreign related issues, such as sale of foreign assets before and after-tax resident start date, married filing jointly vs married filing separately, foreign stock sells before and after the tax resident start date, etc.
Price usually around $600 - $900 (2 -3 hour of service charge)
Comprehensive Tax Planning Services
Tax planning goes further than tax projections by proactively seeking out strategies that can be used to legally reduce taxes and build after-tax wealth.
We ask our clients to commit to at least one year of ongoing support and recommend to do annual checkups. Most of our clients stay with us much longer.
Step 1： Develop the Plan
Includes 1.5 hour Zoom Meetings and at least 5 hours of additional planning time outside of meetings. Each add-on includes extra 1 hour Zoom Meetings and at least 5 hours of additional planning time outside of meetings.
Streamlined Planning - $1,000 (include basic tax strategies, retirement tax advisory, tax compliance review, family tax planning)
Add-On (Need to purchase streamlined planning first):
Small Business Planning - $2,000
Real Estate Planning - $1,000
New Immigrations - $1,000
Trusts and Estates - $1,000
Step 2: Implement the Plan
Provide guidance and support on the developed plan throughout the year and up to 3 hour per year of email, calls and Zoom meetings. You will also receive monthly newsletter on, tax education, tax reduction strategies, and tax legislation updates.
Recurring Monthly Subscription Fee $150 x 12 months commitment
Step 3: Plan Updates (For Current Tax Planning Clients Only)
We recommend our clients to review their plan with us on an annual basis. During the meeting, we review and update your plan to reflect changes in your life, goals, expenses and investments as well as any relevant revisions of tax laws and regulations. We also do tax projections to help you understand your tax situation in the upcoming year.
The scope of the service is similar to the tax planning in step one, but on a discounted price for our loyal customers.
The Plan Updates service is only available for current tax planning clients who have complete the 12 months of subscription. The update service also need to be paired up with another 12 months of on going support commitment. If your subscription is paused and the time from last tax plan/updates go longer than 15 months, you won't be eligible for this service as we may not have timely and adequate information to service you well.
Streamlined Annual Review - $600
Recurring Monthly Subscription Fee - $150 x 12 months commitment
Add-On
Small Business Planning - $600
Real Estate Planning - $400
Trusts and Estates - $400
Virtual Services
Virtual Technology enables us to serve customers worldwide
Better Services in a much more convenient way
Online Meetings
Schedule either an online zoom meeting or phone conference with us. Let us hear your concerns and see how we can help.
Online Services
Through Virtual Technology, we are able to provide all of our services online and power your life and business wherever you are.
Happy Customers
Virtual Services allow you to reach us in a more convenient way.
Save time and get more things accomplished with us.