Happy Tax Day!
Nearly every financial planning issue has tax considerations. We invite you, our clients, to send us your most recently filed tax returns so we can use our new tax projection software to help you keep more of your hard-earned money.
When doing tax planning we combine the efficiency of software, insights into the unique details of your life, and experience working with many different clients to compare the outcomes of potential tax strategies, reduce surprises, and optimize taxes.
With tax planning we can help you:
- estimate potential tax refunds and taxes due 6 to 12 months before tax filing time,
- dial in tax withholding at work and quarterly estimated tax payments to the IRS,
- tweak the timing of income and the nature of income, like ordinary income vs short-term capital gains vs long-term capital gains,
- see where you could slide into a higher or lower tax bracket,
- carry out your charitable intent while reaping the most tax benefits,
- use donor-advised funds, qualified charitable distributions from IRAs, and bunching of charitable donations to surpass the standard deduction threshold,
- balance retirement income sources like pensions, Social Security, taxable “traditional” IRAs, tax-free Roth IRAs, and required minimum distributions,
- identify opportunities in your investment portfolio to sell investments or donate them to charity,
- and more!
To get started with tax planning we just need to get ahold of your most recently filed tax returns. So please reach out to your advisor so they can look for smart ways to help you reduce tax burdens and maximize wealth over a lifetime.
