For many business owners, tax planning starts when year-end approaches or tax returns are being prepared. But by then, many of the decisions that determine the tax outcome have already been made.
For mortgage company owners and executives, proactive tax planning means looking ahead and considering the tax implications of decisions involving the business, cash flow, investments, and personal wealth before those decisions are finalized. And because every owner’s circumstances are different, there is no one-size-fits-all strategy.
In Episode 3 of Aligning Your Business, Taxes & Personal Wealth, Dawnna Houston-Miller and Kalen Richey explore tax planning strategies business owners and mortgage executives may want to consider as part of a broader financial strategy.
Watch Episode 3: Tax Planning Strategies
Look Beyond the Deduction
A strong tax strategy doesn’t begin with the question, “What can I deduct?”
Instead, it considers what you’re trying to accomplish and which opportunities make sense within that bigger picture.
For example, charitable giving strategies can involve decisions about not just how much to give, but what assets to give and when. Donor-advised funds may also provide an opportunity to accelerate charitable giving into a higher-income year while making charitable distributions over time.
Real estate presents its own planning opportunities and considerations. Dawnna and Kalen discuss Real Estate Professional status, short-term rentals, 1031 exchanges, and cost segregation, including why documentation, timing, and the owner’s broader financial picture matter.
Your Business May Create Opportunities, Too
Tax planning can also intersect directly with how you operate and invest in your company. Mortgage companies developing proprietary technology, automated underwriting workflows, compliance systems, borrower portals, CRM integrations, data analytics or other technical processes may have activities worth evaluating for R&D tax credit purposes. But spending money on technology alone does not make an expense eligible. The underlying activities and documentation matter.
Retirement plans can also connect tax strategy with broader business objectives. For mortgage companies competing for talent, plan design can be both a tax consideration and part of the company’s recruiting and retention strategy.
Make Tax Planning Part of the Decision
The common thread across these strategies is that timing, structure, and documentation matter. Rather than waiting for a tax return to explain what already happened, proactive planning creates an opportunity to evaluate the tax implications while there is still time to make a different decision.
Watch Episode 3 of Aligning Your Business, Taxes & Personal Wealth for insights on how to approach tax planning as part of your broader business and wealth strategy and contact our experts at info@richeymay.com for a conversation with our experts.
New to the series?
Catch up with the first two episodes:
