FINANCIAL PLANNING

Tax Planning

Have a question about tax planning?

According to research from the Tax Policy Center, the top 20% of income earners in the United States paid 69% of income taxes. So, if you earn more than $115,000 per year, this means you are paying the bulk of taxes in our country.

While paying more than your share of taxes may feel like your patriotic duty, for many investors, reducing your current and future tax burden can be a significant goal.

Personal tax planning with Covenant Wealth Advisors is a specialized service that helps you reduce your income tax liability. We do this by analyzing your tax returns and income sources. Then we create personalized tax strategies to reduce your taxable income.

 

Unlike filing your taxes, which is a rear-view-mirror, reactive approach to taxes, tax planning is a forward-looking, proactive approach to tax reduction. Both are important, which is why we'll collaborate with your CPA before implementing any tax planning strategies.

 

Whether you are nearing retirement or currently retired, tax planning has the potential to save money and improve after-tax returns on your investments. 

WHY TAX PLANNING?

 

I want to reduce my taxable income.

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.

I want to maximize my charitable gifting. 

We have a lot of experience with families who are charitably motivated. In our experience, we've found that many charitably inclined families don't take advantage of current tax laws. Tax planning has the potential to maximize your charitable donations while also reducing your tax liability. 

I want to eliminate unwanted tax surprises. 

Nobody likes tax surprises. Projecting your future tax burden has the benefit of identifying future tax opportunities and obstacles. We'll create a personalized report that helps us see future tax opportunities and threats.

I want to increase after-tax returns on my portfolio. 

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. 

Call (888) 320-7400 or click to get in touch.

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CONTACT US

 

Covenant Wealth Advisors is a private wealth management and fee only financial planning firm with offices in Richmond, VA and Williamsburg, VA.

Founded in 2010, we work with more than 140 families and manage over $180 million* in assets for clients in Virginia and across the country. 

Our financial advisors and fee-only financial planners specialize in working with successful individuals and families age 50 plus, who are concerned about retirement, and who have over $1 million in investable assets.

CONTACT US

 

Toll Free: (888) 320-7400

Email: info@mycwa.com

Hours of Operation:

Mon - Friday: 09:00 AM - 05:00 PM 

 

WILLIAMSBURG VA LOCATION

351 McLaws Circle,

Suite 1

Williamsburg, VA 23185

(757) 259-0111

 

RICHMOND VA LOCATION

4870 Sadler Road

#300

Glen Allen, VA 23060

(804) 729-5265

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Covenant Wealth Advisors is a fee only financial planner and registered investment adviser with offices in Richmond, Va and Williamsburg, Va. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. *AUM as of June 30, 2018