Tax Planning Strategies

Important tax questions that we help you answer to potentially reduce your tax liability:

• What is your current tax bracket and filing status?
• What plans do you have in place to reduce or minimize taxes on your RMDs?
• What plans do you have in place to reduce or eliminate taxes on your Social Security?
• What plans do you have for reducing or eliminating taxes on qualified funds and estate to heirs?
• Have you explored any options for creating tax-free income? Do you know what is available?
• Have you had your tax returns reviewed recently?
• Are you ready to become more tax efficient?

We'll help you gain tax knowledge.

You may be unknowingly paying higher taxes than necessary because no one has taught you about forward looking tax planning.  No one (until now) has educated you on proactive tax planning strategies.  We will deliver to you proactive, not reactive, tax planning strategies – both while you are working, and throughout your retirement to help you avoid costly mistakes and minimize tax surprises. Tax Planning Strategies are essential to minimize the tax bite and having your retirement assets last as long as you do and longer.

We will help educate you about the need for a “retirement tax strategy” so you will have the opportunity to pay the lowest rates possible throughout all stages of your retirement. We are not giving you tax advice, that is your CPA’s job. We will help you to understand tax liabilities and other hidden penalties that most do not understand or know.

Everyone deserves a thoughtful financial plan taking into account all of your goals.  And now, more so than ever, you need to create a distribution strategy for your retirement outlining tax implications as the most important piece of your strategy. You need to find a withdrawal strategy that minimizes the taxes you pay.  The thought previously was to defer taxes at all costs.  While this seems to make sense most of the time (who likes paying taxes…), it may not be in your best interest long term.  With the government printing an ever endless supply of money, do you really think taxes will be lower for you in the future as your 401k and IRAs continue to grow? The government has a vested interest in your tax qualified accounts (IRAs, 401k’s, SEPPs, 403b, deferred comp, etc.)…the bigger these accounts get the more the government takes.

1. Teaching you what your “after-tax” retirement savings picture looks life BEFORE retiring. The types of accounts you hold and when you tap into them can have a dramatic impact on your savings.  Do not blindly do what your friend, neighbor or colleague is doing.
2. Social Security and Medicare have their own tax traps that you need to know about.  The Social Security “tax torpedo” and Medicare’s IRMAA (Income-Related Monthly Adjustment Amount).  
3. Know how to plan and when to use your taxable brokerage account, tax-deferred IRA’s, 401k’s, 403b’s, etc., and tax free assets to manage your income and tax brackets more efficiently.  Get a handle on this at each stage of planning (pre-retirement, early years of retirement, middle years, and later years…as well as your estate plan)
4. Organize your assets for your family’s benefit – estate planning for your spouse, your children, your charities and more.
5. Stay on top of important financial planning issues that impact your life and your future.

Everyone’s tax exposure is unique and will change over the years.