Pulling on Donald W Mustico’s financial background to help clients avoid unnecessary tax expenses in Elmira and Chemung County, Steuben County and Schuyler County, NY.
As a former CPA and Tax Lawyer trained in the area of trusts and sophisticated estate planning techniques, Don offers clients cutting-edge techniques to preserve and protect assets.
There Are Different Types of Tax Planning and We Assist Our Clients in Each of These Areas:
Whether you need Estate Tax Planning, Income Tax Planning, or Charitable Planning, Don has the experience needed to make sure your money is protected, your taxes are correct, and you’re never paying more taxes than you owe.
Estate Tax Planning
Your estate plan can be used to help you reduce what you owe in taxes. By using your will, trusts, and other estate planning documents, you can maximize your wealth and reduce how much the government can take.
One way this can be done is to declare some of your assets as gifts. You can also use trusts to transfer your property and assets to your designated beneficiaries, thereby removing these assets from your estate. You should also have an investment strategy that takes your retirement goals into consideration as a way to further reduce and optimize what you owe in taxes.
There are many ways to work tax planning into your overall estate planning to reduce what you owe in federal and state taxes. Don takes this tax optimization approach with every estate plan we prepare for our clients.
Income Tax Planning
There are ways to ensure you are not paying more federal income tax than is necessary. Depending on your sources of income, the various assets that you own, and the businesses that you operate, you can modify your filings to reduce what you owe.
Don works with clients to defer or shift income, changing the filing status of a 2nd home to qualify as rental properly, selecting the correct entity status for your business, and navigating payment options to optimize your federal income tax responsibility.
It’s also critical to structure your charitable giving in the most efficient way to maximize income tax deductions and reduce the size of your estate. One method is to use charitable trusts to minimize your tax liability, as well as donor-advised funds (DAFs) and private foundations. You can support your community, achieve philanthropic goals, and reduce your tax liability at the same time.
Your Tax Planning Attorney in the Elmira – Corning Area and throughout Chemung County, Steuben County and Schuyler County, NY.
Donald W Mustico can help you with all of your income tax, gift tax, and estate tax needs in the Elmira – Corning area of the southern tier and throughout Chemung County, Steuben County and Schuyler County, NY. We use our extensive background in taxes and accounting to help you plan reduce your tax liability and plan out your estate for the highest possible growth, protection and optimization of your wealth.