What should you be thinking about when it comes to taxes?
We use tax-managed managers to elevate an indexing strategy. This can save you substantial taxes in the future when you begin liquidating your holdings or when you sell a business.
Placing the appropriate holdings in the right vehicle, can increase your overall after-tax return dramatically.
If you don’t, you should. We can maximize contributions and/or conversions at the optimized levels.
Did you know that Washington is proposing eliminating the step-up in basis for estates? This could have significant ramifications on businesses, farms, and real estate holdings for future generations.
We look at all aspects of your situation and, only then, will we recommend the appropriatestrategies.
It is most beneficial to utilize your financial advisor to help you with tax planning strategies to make the most out of the income you do take in. Reducing tax implications now allows you to maximize your income in retirement. Ultimately, the goal is to use tax planning strategies to have as much as possible for your retirement.
To maximize the amount of income you have in retirement and ensure you are avoiding taxes on IRA withdrawals as much as possible, consider the following strategies:
Having specific retirement account savings vehicles, including a Roth 401(k) or Roth 403(b), can give the owner some tax-free retirement income. Like a Roth Individual Retirement Account, growth and withdrawals are tax-free. You pay taxes ahead of time on the contributions made. This can be ideal for someone who is likely to be in a higher tax bracket in retirement than they are in now. Maximizing contributions to these kinds of retirement accounts help lead you on the right track to having tax-free retirement income or at least a tax-free asset that you can pass onto your heirs.
It all starts with knowing what your options are. Give us a call for advice!