With the knowledge of industry leaders and the experience of seasoned veterans, the professionals at DZH Phillips bring an uncommon level of understanding to the opportunities and challenges associated with personal tax compliance and planning. Among our areas of specialty are closely-held businesses. We’ll work with you to craft a plan that addresses the tax and compliance requirements of your personal and business circumstances.

Income Tax

Navigating the ins and outs of federal tax code is a yearly headache for most people. For us, it’s a full-time job. If you’re looking for peace of mind, trusting your income taxes to DZH Phillips is one of the best moves you can make. Of course, you can expect that we will complete your tax return, associated schedules, and any accompanying disclosures, as well as prepare appropriate quarterly estimates for the following year. But we’ll also highlight strategies for lowering taxable income, increasing deductions, and identifying new or underutilized credits.

Tax Planning

Effective tax planning is an ongoing process that integrates strategies for lowering your tax burden as part of your overall financial plan. It promotes financial stability by fostering long-term goals and illuminating the tax liabilities on current or future income and investments, as well as the many exemptions, deductions, rebates, and allowances that could impact your particular situation.

At DZH Phillips, we advocate a proactive approach to planning. We believe that you should have the tools you need to make important decisions now—choices that will impact your financial outlook today and in the long term. Our tax planning process begins with an in-depth interview to identify your personal and financial goals. Following that initial conversation, we evaluate and explain the tax implications of various income and expenses, including salary and compensation, property income, investments, sale or purchase of assets, gifts, and interest-bearing deposits. Then, we’ll tailor your tax planning strategies to minimize existing taxes and structure future investments and expenditures to yield the lowest possible tax.

Estate & Gift

Substantive gifts, made either through an estate or during one’s lifetime, are a wonderful way of transferring wealth to heirs or family members. However, these gifts are subject to complex tax code. DZH Phillips has helped many clients navigate this complexity and ultimately minimize any taxes due.

We can help you work through the following questions:

• What is included/excluded in the estate?
• What is included in a ½ interest in a property or business?
• What deductions are available to reduce estate tax?
• Who pays gift tax?
• What is considered a gift?
• What if my spouse and I want to give away property that we own together?
• May I deduct gifts on my income tax return?
• What is “Fair Market Value?”
• What information do I need to include with the tax return?
• What happens if I sell property I have been given/inherited?