Tax Planning

Who wouldn’t like to pay less taxes if they can? We can help explore ways to save money on taxes today and in the future. Don’t lose sight of the decisions you make today and the impact they can have on your taxes over the long run.

WHAT WE PROVIDE

Our tax planning discussions include:

Tax-Withholding Planning: Some see getting a large tax refund as a good thing, but, it’s technically just an interest free loan to the government for a whole year. Getting your money up from during the year can get you the flexibility to be more efficient with those dollars throughout the year. We can help you project out next year’s tax liability and adjust your withholding to get more money now and less come tax time.

Tax-Loss Harvesting: When you invest successfully, it can come with significant tax liabilities on things like capital gains, interest, and dividends. Even in good years in the market, small losses here and there can be used to keep your tax burden to a minimum. We can help you apply these strategies to your accounts using tax efficient management.

Maximizing Tax-Free Accounts: Most people are focused on saving taxes today, but many lose sight of planning for the future. Using strategies to set up tax savings for your future self are just as important as paying less taxes today. Maximizing all potential tax-free accounts like Roth IRA’s and 401(k)’s, 529 plans, and HSA’s, can save you money on future taxes and increase overall return on your assets. Please note that each account type has restrictions regarding tax-free distributions.

Tax-Efficient Retirement Distributions: One of the largest expenses in retirement is going to be your tax liability. This means having a plan for which accounts to pull from each year in retirement or planning around reducing your Required Minimum Distributions (RMD) in the future. Maximizing the lowest tax brackets strategically can add up substantially over the course of your retirement.