Michael Tullio is the Chief Compliance and Operating Officer and a financial advisor for Nixon Peabody Financial Advisors LLC, a Registered Investment Advisory Firm. He assists corporate executives and high-net-worth individuals to develop and implement comprehensive financial plans to achieve their goals and objectives.
What do you focus on?
My practice primarily focuses on individual income tax compliance and planning and comprehensive financial planning services. I work with corporate executives and high-net-worth clients helping them minimize their tax liabilities through proactive planning while avoiding unexpected tax surprises.
I also provide clients with comprehensive planning to help them achieve their financial goals and objectives. I work with clients across a wide age spectrum so I have helped clients plan for the purchase of first and second homes, develop college savings plans for their children, ensure they are properly insured so their families are financially secure in the event of death or disability and prepare for a financially secure retirement through long-term cash flow and savings strategies.
What do you see on the horizon?
I see a lot of uncertainty and potentially higher tax burdens on high earners and high-net-worth individuals. Current plans to control our national debt include budget cuts as well as tax increases, and this has already led to increased income and Medicare taxes for upper income individuals. I believe that more changes to the existing tax law are in store, including further limitations on deductions including the mortgage interest deduction and possibly even retirement plan contributions.