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I'll be receiving a low six figure windfall (1099-MISC) this year. Can anyone suggest how to limit my liability and what kind of Financial Professional I should seek out?
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Get your taxes done using TurboTax
many CPA firms have CFP's. try contacting your state's CPA society
I'm not a CFP , but there are not many options available to defer taxes
One might be if you can take the winnings in installments
another - charitable giving (this assumes you can itemize)
maybe - maximizing retirement plan contributions
be extremely wary of tax shelters, most end up bankrupt with the investor not even getting his investment back. some are even phony which means the IRS will disallow the losses. so not only won't you reduce your taxes you will lose your investment. then the question becomes is it an investment loss or casualty loss, because if it's the later it's not deductible.
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Get your taxes done using TurboTax
The only way to limit your tax liability would be to have a very large amount of tax deductions (which isn't very likely). If you want to consult a tax advisor, make sure he is a registered CFP (certified financial planner). Consult your local phone book or do a search on the internet for 'Local CFP'. Also you would need to make estimated tax payments on the six-figure amount unless you can have them withhold a certain percentage for taxes, both federal and state. For information on federal estimated taxes, go here: https://www.irs.gov/site-index-search?search=estimated+taxes&field_pup_historical_1=1&field_pup_hist...
For state information go to your state web-site (xxx.gov) and search for 'estimated taxes'.
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Get your taxes done using TurboTax
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"Assume we WON it." - Don't rely on assumptions. Tell the tax professional exactly how you came to receive the money. Gambling is treated differently from contest or game show prizes. And your windfall might not be either of those. Let the tax pro figure out how to handle it.
If you want advice on investing your windfall, you might want to go to an investment advisor or financial advisor for that, and then you do want someone who has fiduciary responsibility. But that's separate from tax advice.