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Tax Planning and the Ten Commandments

In: Personal Financial Planning for Executives and Entrepreneurs

Author

Listed:
  • Michael J. Nathanson

    (The Colony Group)

  • Jeffrey T. Craig

    (The Colony Group)

  • Jennifer A. Geoghegan

    (The Colony Group)

  • Nadine Gordon Lee

    (The Colony Group)

  • Michael A. Haber

    (The Colony Group)

  • Max B. Haspel

    (The Colony Group)

  • Seth P. Hieken

    (The Colony Group)

  • Matthew C. Ilteris

    (The Colony Group)

  • D. Scott McDonald

    (The Colony Group)

  • Joseph A. Salvati

    (The Colony Group)

  • Stephen R. Stelljes

    (The Colony Group)

Abstract

Through careful, advance planning, taxes can be minimized, and the burden of taxation can be satisfied. When done right, tax planning is a broad-based, continuous, and dynamic process. David, Abby, and other executives and entrepreneurs should follow the “Ten Commandments of Tax Planning” to optimize their after-tax results: optimize the deferral of income; maximize and accelerate deductions and credits; plan for tax withholding and estimated taxes; coordinate debt and taxes; understand and plan for the difference between ordinary income and capital gains; maximize the after-tax value of home ownership; consider taxes when making investment decisions; take advantage of tax-advantaged ways to pay for education; beware of all types of income-based taxes, including employment taxes; and maintain good tax hygiene.

Suggested Citation

  • Michael J. Nathanson & Jeffrey T. Craig & Jennifer A. Geoghegan & Nadine Gordon Lee & Michael A. Haber & Max B. Haspel & Seth P. Hieken & Matthew C. Ilteris & D. Scott McDonald & Joseph A. Salvati & S, 2021. "Tax Planning and the Ten Commandments," Springer Books, in: Personal Financial Planning for Executives and Entrepreneurs, edition 2, chapter 8, pages 107-131, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65400-9_8
    DOI: 10.1007/978-3-030-65400-9_8
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