Tax Planning

Virtually anytime money is in motion, there are tax implications. Tax planning looks forward to identify potential taxes that could be reduced or eliminated with a variety of strategies.
Review Of Data

Forward Looking Tax Planning

Filing a tax-return is generally a backward looking event. Tax preparers use income and deductions from the previous calendar year to complete your tax-forms. The issue with this is that sometimes an action, such as a retirement account withdrawal, creates a tax liability that isn’t understood until it’s too late. In contrast, tax planning is the forward looking process of estimating the tax impact of a specific action or broader strategy. If taxable events are identified before a calendar year is over, oftentimes these can be offset or mitigated with a variety of strategies.

Regularly reviewing a tax return and proactively planning can help retirees avoid tax-traps and avoid paying more than necessary. Our review process is always on the lookout for:

  1. The risk of breaching Medicare IRMAA thresholds
  2. Opportunities to capture 0% long-term capital gains
  3. Tax loss harvesting opportunities
  4. Unintended taxation of Social Security benefits
  5. Opportunities to convert money into tax-free Roth accounts.

Start Your Retirement Plan Today With Our Free Assessment

Our free 3-step retirement assessment gives you the opportunity to evaluate our services before making a commitment.
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