Tax Planning That Works With the Rest of Your Plan
Taxes touch almost every financial decision you make — how you invest or plan for retirement, how you draw income from your portfolio, and how you plan for passing your legacy. When tax planning is connected to the rest of your plan, you keep more of what you earn and avoid expensive surprises.
LifeWise Wealth Advisors makes that coordination part of how we plan, working hand in hand with our affiliated firm, LifeWise Tax Advisors, for tax preparation and tax advice.
Learn More at LifeWise Tax Advisors
Important: LifeWise Wealth Advisors does not provide tax preparation or tax advice. Those services are provided by our separate, affiliated firm, LifeWise Tax Advisors. The information on this page is educational only and is not meant to be taken as tax advice.
Where Smart Tax Planning Makes a Difference
You may benefit from coordinated tax planning if you are:
- Holding accounts with different tax treatment — pre-tax, Roth, and taxable — and unsure how to use them
- Approaching or in retirement and deciding how and when to draw income
- A business owner weighing how the company and your personal return affect each other
- Facing a large one-time event, such as selling a business, a property, or a concentrated position
- Thinking about charitable giving and want it to be tax-smart
- Planning to pass wealth on and want to do it efficiently for your family
The common thread is timing: the earlier you start thinking about tax planning as part of your overall financial plan, the more you can do about it.
What Is Tax Planning?
Tax planning is the forward-looking process of organizing your income, investments, and major financial decisions to manage your tax burden over time — not just this year, but across many years. It’s different from tax preparation, which records what already happened.
Tax planning asks how to shape what happens next: which accounts to draw from and when, how to manage your taxable income on purpose, and how investment and retirement decisions ripple onto your return. At LifeWise, this thinking is woven into your financial plan — and the actual tax advice and tax filing are handled by our credentialed tax planning professionals at LifeWise Tax Advisors.
How LifeWise Approaches Tax Planning
When your LifeWise financial advisor and a LifeWise Tax professional are in the same conversation, your financial goals and your tax picture finally get planned together. That can include:
Which accounts to draw from, and in what order, to manage the lifetime tax cost of your retirement income.
Using pre-tax, Roth, and taxable accounts intentionally — including whether Roth conversions fit your situation.
Watching where your income falls year to year, so decisions are made with the full picture in view.
Coordinating the tax impact of a business sale, property sale, or other large transaction — before it happens.
Structuring giving so it supports both your values and your tax picture.
Helping your wealth transfer to the next generation as efficiently as the rules allow.
For the actual tax preparation and advice behind these strategies, we turn to the professionals at LifeWise Tax Advisors
who bring more than fifty years of combined experience and are available year-round.
Tax Planning Services Provided by LifeWise Tax Advisors
The services provided by our affiliated firm LifeWise Tax Advisors include:
- Individuals and families — preparation and filing, with options for in-person or virtual appointments
- Business owners — entity selection guidance and preparation for corporations, partnerships, the self-employed, rental owners, and farms
- Trusts and estates — preparation and guidance for executors, trustees, and personal representatives
Financial and Tax Planning, Working Hand in Hand
Many people keep their financial advisor and their tax advisor in completely different worlds — and the two rarely, if ever, compare notes. We do it differently.
LifeWise Wealth Advisors handles the financial planning and investment side; our affiliated firm, LifeWise Tax Advisors, handles the tax preparation and advice — and because the two work hand in hand, everything gets taken into account together, with an eye on your lifetime tax bill rather than just this year’s. Two firms, one conversation — so nothing about your money gets decided in a vacuum.
Who Tax Planning Helps
Plan tax-aware income and manage required distributions.
Coordinate entity and personal tax decisions.
Use different account types intentionally as you save and invest.
Plan ahead for the tax impact of a major sale.
Pass wealth to the next generation efficiently.
Connect Your Financial Plan and Your Taxes
Keeping more of what you earn starts with planning that looks forward and a tax team that is part of the conversation. To learn about tax preparation and tax advice, visit our affiliated firm, LifeWise Tax Advisors.
Tax Planning FAQs
Does LifeWise Wealth Advisors prepare my taxes or give tax advice?
No. Tax preparation and tax advice are provided by our separate, affiliated firm, LifeWise Tax Advisors. LifeWise Wealth Advisors coordinates tax-aware planning as part of your overall financial plan, but the tax advice and filing come from the credentialed tax professionals at LifeWise Tax.
What is the difference between tax planning and tax preparation?
Tax preparation looks backward and reports what already happened during the year. Tax planning looks forward and shapes future decisions — income timing, account choices, and major events — to manage your tax burden over time. The two work best together.
Do I need to be a wealth management client to use LifeWise Tax Advisors?
No. LifeWise Tax Advisors serves its own tax clients directly. You can reach them through their site at lifewisetax.com.
When should I think about tax planning?
Before year-end, before a major sale, and before you start drawing retirement income are all good moments — but ongoing planning throughout the year tends to create the most opportunities, because decisions can be made while there is still time to act.
Where does LifeWise Tax Advisors serve its clients?
The LifeWise Tax Advisors office is located in Champaign, IL. They also have a St. Joseph, IL office available by appointment and serve families and business owners throughout Central Illinois, including Urbana, Decatur, Paris, and Sidney.
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