Tax Planning

Get tax planning that helps you better manage your tax bill leading up to and through retirement.

SEE IF YOU'RE A FIT

Tie Your Tax Plan to Your Retirement Income Plan

A personalized tax plan is the key to helping your pay fewer taxes now and in retirement.

"What's the best way to create tax efficient income in retirement?"

A personalized tax plan can help identify opportunities to help lower your tax bill long-term.

"Should I convert my IRA or 401 (k) to a Roth IRA?"

We'll help you determine if a Roth conversion makes sense and even help you implement it every year.

"What's the best way to give to charity to reduce taxes?"

Most people give to charity the wrong way. We'll build a strategy to help you give more, reduce taxes, or both.

Here's a List of Tax Planning Services You Aren't Getting Now

Let us help you lower your tax bill by integrating your tax decisions with your total financial life.

Adjust tax strategies for changes in tax policy

Adjust your tax Withholdings/Allowances

Analyze your portfolio for tax-loss harvesting

Analyze your portfolio for tax-gain harvesting

Charitable giving location planning (Donor advised fund, Appreciated stock, QCD)

Collaborate with your tax preparer

Review your tax return annually

Analyze for Roth conversions

Analyze for standard vs. itemized deductions

Employer stock option planning

Tax bracket management in retirement

State tax credit analysis/opportunities

Optimize your investments for tax-efficiency

WHY TAX PLANNING IN RETIREMENT?

Reduce your taxable income in retirement.

There were over 5,000 tax code changes between 2002-2012. Tax planning can help you take advantage of the latest tax laws to reduce your tax liability. From Roth IRA conversion strategies, to tax-loss harvesting on your investments, to state and federal tax credits and deductions, to income smoothing in retirement, tax planning can help.

Determine if Roth conversion strategies make sense.

Most people would love tax free income in retirement. The problem is that many retirees have the bulk of their savings stashed away in tax-deferred vehicles such as Traditional IRAs, 401 (k)s, and other company retirement plans. Tax deferred accounts can be great when you are saving money, but they can create a big tax problem when you start withdrawing money from your accounts in retirement. You will be fully taxed for every dollar you withdrawal from your accounts. As a solution, our financial planners can analyze your personal tax situation to determine if it makes sense to convert some of your tax-deferred investments into a tax free Roth IRA. We can project out how much money you should convert to a Roth IRA and in which years to give you better control over your tax bracket in retirement. The result is potentially lower taxes in retirement, the potential to transfer more after-tax wealth to your heirs, and the potential to get the most out of your investments to fund the lifestyle you deserve.

Avoid costly Social Security and Medicare "tax traps".

IRA withdrawals can cause the taxation of Social security benefits, and push taxpayers into a higher marginal tax rate. Just as bad, higher income (i.e. drawing down assets for income) can cause potentially hundreds of dollars a month in extra Medicare premiums.

Determine which accounts to withdraw from first.

You must plan how and when you will use taxable, tax-deferred, and tax-free assets to manage your income
and tax brackets efficiently. Knowing which accounts to draw down first can help reduce your overall tax burden.

Reduce taxes on on your capital gains.

According to research from Vanguard, tax-managed investing has the potential to increase returns by upwards of 0.75% per year. On a one-million-dollar portfolio, that's a savings of $7,500 per year! But, most investors aren't aware of the all the tax strategies available. We can create a personalized strategy to mitigate current and future taxation on your investments.

Optimize your charitable giving strategies.

Are you charitably inclined? Do you give cash or even write a check to the charities that are important to you? If so, there could be a much better way to give and save you taxes along the way. Our tax planners love creating strategies that help our clients give more while also reducing their tax burden.