Solutions
At TSP Family Office, our team of advisors, consultants and specialists are committed to building and implementing individual customized plans that create tax savings both short and long term, protect your current and future assets and build sustainable generational wealth.
Tax Strategies
TSP Family Office offers proven tax-saving strategies for business owners and high-net-worth individuals seeking to keep more of what they earn and reinvest in their future. We fully consider your unique situation when building a plan that works for you.
Underutilized Tax Deductions/"Scorecard Strategies"
The TSP Family Office team takes a holistic approach to our clients tax planning and wealth management goals. We start by considering traditional tax deductions that are often underutilized or not used at all. With our help, you can deduct things you are paying for already. By adding a step or two, expenses can be converted and documented into legitimate business expenses.
Expense and Depreciation Planning
Every business owner spends money on necessary goods, services and equipment. Planning these expenditures and utilizing the correct depreciation methodologies could alleviate unwanted cash flow and profitability issues associated with unexpected business expenses. Our exclusive access to “Special Buying Platforms” allows eligible clients with or without businesses to eliminate as much as 100% of their annual tax liabilities.
Cost Segregation
For property owners, cost segregation strategies provide an opportunity to reclassify building components and accelerate depreciation. This approach is ideal for buildings that cost more than $500,000 and have been purchased and/or rehabilitated within the past five years to accelerate your tax savings.
Tax Credits
There are numerous tax credits that could be applied based on your particular business activities. Unlike a deduction, Tax Credits are applied dollar for dollar to reduce your tax bill.
Tax Advantaged Retirement
Funding your retirement can be an enormous undertaking. It can also warrant large tax bills associated with your withdrawals when the time comes to use it. Allocating your retirement funds into tax advantaged vehicles and environments today will promote lower tax liabilities when you really need it most.
Short and Long Term Gains Strategies
We understand that managing special tax liabilities can be complex or confusing for some. Depending on how your taxable income originated and the time from when you produced the income determines which specific tax rates could or will apply. Taking a proactive approach to managing these types of liabilities before they occur will prevent any unwanted tax surprises. Through proven methods, we have helped many clients manage these liabilities with a variety of safe options. Do not get caught by surprise with an expensive tax bill, take prompt action to control your special tax expectations.
Profit and Business Value Strategies
Every business owner understands the importance of operating a profitable business. However, making the connection between sustainable profitability and strong business value typically occurs too late in the game for most business owners to optimize the sale or transition of their business. We work with business owners from day one to integrate profit planning and business value so that you have a clear understanding and ultimate control of the life changing decisions you will make through your business.
Operations Management System (OMS)
Being able to create and utilize your financial reports as a dashboard for accurate and timely decision making is critical for business performance and sustainable success. With our OMS service sessions, we will collaborate with you one on one to identify, leverage and correct any variables that lead to the success of your business. These sessions are prescribed as needed with no minimums or maximums.
Business Ratio Diagnostics
Operating a successful business is not a simple task. With so much going on its easy to get lost in the day to day shuffle. There are critical variables and measurable ratios within every business that require time and effort to ensure optimal results. Through our “Business Ratio Diagnostics,” we can pinpoint areas of the business where opportunities to increase profit, cash flow, business value and employee performance exist. We help implement and manage these recommendations with you ensuring you are getting the most out of your business and employees.
Snapshot Valuations
Business owners always want to know how much their business is worth. Whether it be after the first 5 years or when getting ready to exit, it is critical to know the value of your business at any time of the business lifecycle. We provide clients with a three-pronged valuation annually as a benchmark against all plans and goals even if you are not exiting. Objective valuation provides unique guidance for optimal decision making and dovetails with the ongoing operational optimization and the performance plans for any business. Thinking about selling? Talk to us about how valuation can become your roadmap for establishing the price you deserve.
Exit Planning and Management
Every entrepreneur wants their business to be desirable when the time comes to exit. Working with a Certified Exit Planning Advisor, (C.E.P.A) ensures proper exit and succession planning so your business continues to become more valuable over the course of time. Whether you sell, merge or leave it for another operator, you deserve the appropriate compensation for your hard earned time and effort.
Operational Optimization
Like a well-conditioned athlete, businesses will produce sustainable profitability and value if they maintain financial fitness. With calculated frequency, we use our proprietary tools to work with business owners to optimize their operations by planning, measuring and managing the critical variables in the business. The results produce engaged employees, minimal taxation and increased profits and business value year after year.
Asset Protection
High-net-worth individuals and families are susceptible to many threats when it comes to their assets. We identify any potential risks along with operational and tax impacts to implement the appropriate entity structure for your business. Using our solutions can help mitigate a variety of risks while improving your bottom line, decreasing your tax bill and strengthening your legacy.
Entity Planning and Implementation
Starting a new business or purchasing an existing one is an exciting move towards building more wealth. Selecting a business entity is a requirement and each has its own advantages, disadvantages, and special rules. There are three categories aside from a sole proprietorship to choose from — partnerships, corporations, and limited liability companies. Although one of these choices may be favorable when you start out, it may need to be re-evaluated as your business evolves. An experienced attorney and tax advisor can help you determine which form of ownership is best for your business.
Captive Insurance
Captive insurance is a form of self-insurance, where a business creates its own coverage or supplemental coverage. The benefits of this type of program include protection for the business and financial advantages for the owner.
Protection Planning
Purchasing life insurance protects what you have spent your whole life accumulating and is a key part of looking after your family once you’re gone. There are many types of life insurance policies — from traditional life insurance to universal life and variable life with a myriad of choices for each. We can help you make sense of it and make recommendations based on your circumstances.