Tax Planning
Tax Planning
The less you pay in taxes the more money you have available for lifestyle, family gifting, charitable gifting, and other financial goals.
Therefore, tax planning is a crucial component of financial advice. There are opportunities to reduce taxes over your lifetime through proactive strategies as well as tax-efficient portfolio management. However, the opportunities require diligence and expertise from your advisor.
Some common strategies often used:
- Roth IRA conversions
- Capital loss harvesting
- Capital gain harvesting
- Qualified Charitable Distributions (QCD) from IRA to satisfy RMDs
- Tax efficient asset location
- Manage income to maximize healthcare premium tax credits
- Backdoor Roth strategies
- Social Security commencement strategies
- Small business retirement plan recommendations, setup and implementation
- S-Corp wage and retirement plan structuring
- Pre-tax vs. tax-free contribution allocations
- Annual exclusion gifting
- Utilize pre-tax accounts to satisfy charitable intentions
- Acceleration of taxable income in low tax years to fill up low tax brackets (lifetime bracket management)
I work closely with my clients’ accountants to ensure the tax strategies we implement are documented and reported properly.
Explore our Retirement Planning services.
