Individual Tax Fundamentals Advisory | Lanphier LLP

Taxes impact every single American, yet somehow almost no one understands the fundamentals of how the system works. You may see news reports about secretaries paying more in taxes than billionaires. How can that be? You likely have a sense that there is a game to be played here, but no one has ever explained the rules to you. It is easy to wonder if you are missing out on something obvious or drastically overpaying what you need to.

Our nationally recognized Individual Tax Fundamentals advisory offerings are intended to relieve these concerns, helping you feel equipped with an understanding of how the tax needle can actually be moved in your favor. We use this process to identify tax strategies that are aligned with your personal financial goals, priorities, and preferences, so that we can make ongoing recommendations to you about how to improve your tax situation.

Core Advisory Sessions

We provide all of our new clients with personalized consulting sessions with our tax professionals to guide them through the critical questions that every individual taxpayer should understand. These sessions are tailored to your specific financial situation and delivered in plain language that makes complex tax concepts accessible and actionable.

What We Cover

How is my tax calculated?
What is my effective vs. marginal tax rate, and what is the practical difference?
Where do I have leverage to impact my effective tax rate?
How can I use tax-privileged accounts to impact my tax efficiency?
What personal deductions and credits am I eligible for, and am I maximizing them?
How can I increase the tax efficiency of my charitable giving?
How can I better prepare for tax season to make it easier and feel more prepared for what I will owe?

Specialty Tracks

In addition to these fundamental topics, we offer specialty tracks that can be paired with the core advisory sessions for more specialized tax situations. These tracks provide additional consulting sessions to discuss important areas of tax planning and ensure tax optimization where applicable.

Available Specialty Tracks

Real Estate Investing and Rental Property Operations -- Understanding the tax implications of rental income, depreciation, 1031 exchanges, and passive activity rules for Colorado and out-of-state investment properties.
Employee Stock Compensation -- Navigating the complexities of stock options, restricted stock units (RSUs), employee stock purchase plans (ESPPs), and the timing of income recognition and tax liability.
US Expat Tax Planning -- For Americans living abroad or planning a move overseas, covering foreign earned income exclusion, foreign tax credits, FBAR and FATCA reporting, and maintaining compliance while living outside the United States.
New US Tax Resident -- For non-US individuals who have moved or are planning a move to the United States, covering residency determination, worldwide income reporting, treaty benefits, and structuring your financial affairs for optimal tax outcomes.

A Nationally Recognized Offering

Our Individual Tax Fundamentals advisory program has earned national recognition as an innovative approach to client education and tax planning. Rather than treating tax preparation as an annual transaction, we invest in building our clients' understanding of how the tax system works and how their personal choices impact their tax outcomes throughout the year.

We have found that our Individual Tax Fundamentals advisory offerings provide invaluable advice to our clients and empower them to move forward in their lives and in their relationship with our firm to ensure their best tax outcomes. Whether you feel highly knowledgeable or totally in the dark when it comes to taxes, we are confident you will see tremendous value in partnering with our firm through this process.

For Denver-area residents and individuals across Colorado, our advisory sessions are available both in person at our office on South Colorado Boulevard and via Zoom for your convenience. Contact our firm today for more information on our Individual Tax Fundamentals advisory offerings and to begin the conversation about optimizing your personal tax situation.