Tax Planning
Strategic Tax Planning in Virginia Beach
Move beyond reactive tax filing with proactive, year-round planning built around your income, business activity, investments, and long-term goals. B.D. Smith Wealth is based in Virginia Beach and serves clients across the United States.
Plan Before Tax Season
Tax Strategy Should Start Before the Return Is Due
Many tax challenges are easier to address when there is time to plan. We help clients understand what is driving their tax situation, identify planning opportunities, and make informed decisions before important deadlines pass.
Unexpected Tax Bills
Build more visibility around estimated payments, withholding, and the tax impact of changing income.
Growing Income
Plan for the tax consequences of higher business income, compensation, investments, or other income sources.
Entity Questions
Review whether your current business structure still fits your income, operations, and planning goals.
Disconnected Decisions
Understand how business, real estate, investments, retirement planning, and major financial changes interact for tax purposes.
What We Do
Year-Round Tax Planning Built Around the Bigger Picture
Tax planning is proactive. We review your financial picture, explain the options that may apply, and help you prioritize practical actions based on your goals, timing, and circumstances.
Annual Tax Strategy Analysis
Review your current-year tax picture and identify planning opportunities that may apply before year-end.
Entity Structure Review
Evaluate LLC, S corporation, partnership, and other entity considerations in the context of your business and tax situation.
Estimated Tax Planning
Project estimated tax obligations and help you plan payments with greater visibility throughout the year.
Income & Expense Timing
Consider the timing of income, expenses, purchases, and other transactions when timing choices are available.
Real Estate & Investment Strategy
Review tax considerations connected to rentals, investments, asset purchases, depreciation, and other activity.
Retirement & Business Transitions
Coordinate tax planning around retirement contributions, business expansion, transitions, multi-state activity, or other major changes.
What’s Included
A Planning Process Designed for Clarity and Follow-Through
Our goal is to turn tax strategy into an understandable action plan, with clear priorities, timing considerations, and next steps.
- A personalized annual tax strategy plan
- Scheduled mid-year or quarterly reviews, depending on the engagement
- Estimated tax payment projections
- A written summary of planning opportunities and priorities
- Recommendations tailored to your income and business structure
- A strategy meeting to walk through the plan and action items
- Strategic guidance during the engagement
- Reminders around relevant tax-planning deadlines
Who We Serve
Tax Planning for Clients With More Moving Parts
Tax planning becomes increasingly valuable when income, business ownership, real estate, investments, or major financial decisions create more complexity.
Medical Professionals & Healthcare Business Owners
For physicians, dentists, therapists, practice owners, home health agencies, and other healthcare professionals managing income, business growth, and tax decisions.
Business Owners & Entrepreneurs
For owners who want to plan ahead for taxes while making decisions about compensation, entity structure, growth, and cash flow.
Real Estate Professionals & Investors
For clients with rentals, flips, short-term rentals, investment property, depreciation, or other real estate activity.
High-Earning Individuals & Families
For households with multiple income sources, investments, equity compensation, or major financial changes that warrant proactive planning.
Our Process
A Structured Path From Questions to Action
We organize the engagement into clear phases so you understand what we are reviewing, what decisions need to be made, and what happens next.
01
Discovery & Goals
We learn about your income, business activity, financial goals, recent changes, and tax concerns.
02
Tax & Entity Review
We analyze relevant tax returns, financial information, entity structure, and the areas that may create planning opportunities.
03
Strategy Design
We develop a personalized planning framework and explain the potential benefits, tradeoffs, timing, and implementation requirements.
04
Implementation & Follow-Through
We review action items with you and, when included in the engagement, revisit the plan as circumstances change during the year.
Questions, Answered
Frequently Asked Questions
What’s the difference between tax planning and tax preparation?
Tax preparation reports what has already happened for a completed tax year. Tax planning looks ahead and evaluates decisions you may still be able to make before relevant deadlines. The services work together, but they serve different purposes.
Will tax planning lower my taxes immediately?
Tax planning may identify current-year or longer-term opportunities, but the timing and impact depend on your facts, eligibility, implementation, and applicable tax rules. We explain the strategies that may fit your situation before you decide how to proceed.
Do you help evaluate S corporation elections?
Yes. We can review whether an S corporation election may be appropriate based on your business activity and tax situation. The analysis considers more than potential tax savings, including payroll, reasonable compensation, administrative requirements, and other factors.
Is tax planning included with bookkeeping or tax preparation?
No. Tax planning is a separate advisory service focused on proactive strategy. Bookkeeping and tax preparation are separate services with different scopes.
When should I start tax planning?
Tax planning can be useful throughout the year, and earlier planning generally provides more time to evaluate and implement available options before year-end or other relevant deadlines.
Do you work with tax planning clients outside Virginia?
Yes. B.D. Smith Wealth is based in Virginia Beach and serves clients across the United States. State and local tax considerations vary by location and individual circumstances.
Plan Before You File
Ready for Proactive, Strategic Tax Planning?
Build a clearer year-round tax strategy around your income, business, investments, and financial goals, before important planning opportunities pass.