Tax Planning

it is quite common to have to pay six figures in taxes. As the saying goes “The more you can make, the more Uncle Sam can take!” With this ever-changing political climate and the increasing economic volatility, it is more important than ever to have a comprehensive financial plan. Tax planning is one of the many facets of a sound plan. 

Many people primarily think of tax planning as ways to reduce their tax liability at the end of each year. While taxes may be the last thing you want to think about, effective tax planning early (and often) can make an enormous difference to your bottom line. It can also be an opportunity to accumulate financial assets by implementing creative solutions into your plan. By thinking outside the box and making wise investment decisions now, you can help reduce taxable income pre- and post-retirement, ensuring you’ll have wealth available for when you need it in the future. 

It is nearly impossible to understand the tax laws and your eligible exemptions, credits, or deductions, not to mention the different retirement vehicle options, their contribution limitations, early distribution penalties, etc. It is important to have a team of advisors working together to improve your financial health. Hiring a CPA or tax professional, one who works alongside your financial advisor, could lead to a significant reduction in taxes paid, which means more wealth to either grow your business or put towards your retirement. 

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