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Tax Planning Strategies
What is IT?
Why Create One?
Why Create One?
Tax planning is developing proactive strategies to help you reduce current & future tax bills.
We look forward into the coming tax year(s) to find ways to structure your income, deductions and assets in a way that reduces the amount of tax that you'll owe. Then you can put those dollars saved toward your goals and wants, instead of paying unnecessary taxes that can hinder your success.
Tax preparers and software rarely provide tax planning services that are forward-looking. At FiduciaOne, we see this as a huge opportunity to more fully serve our clients.
Why Create One?
Why Create One?
Why Create One?
Your taxable income affects many things, not just how much tax you pay each year. Your taxable income can also drive up the cost of your insurance premiums through the Marketplace or through Medicare IRMAA (an income-based tax on your Medicare premiums!). Additionally, high taxable income can also decrease the amount of tax credits and deductions for which you are eligible.
Proper, proactive tax planning manages your taxable cash flow to keep you money in your pocket and avoid loss of valuable benefits you could be eligible for.
WHO NEEDS ONE?
Why Create One?
WHO NEEDS ONE?
Anyone, at any age, can develop a tax strategy. In fact, the earlier you develop your tax strategy, the earlier you can stop giving away unnecessary money in excess taxes!
But it’s never to late to develop a strategy. Ideally, you'll want to have a good strategy in effect as you prepare for retirement. In the years as you approach and begin retirement, decisions regarding your income and assets can be made that will prepare you and your money for the most tax-efficient income possible.
It is most valuable to develop your tax strategy in conjunction with your social security and/or pension income decisions. Being able to manipulate the types & timing of your income is an important factor in successful, long-term tax and financial planning.
Are Your Income-Producing Retirement Assets Diversified?
As you begin to prepare for your retirement (ideally 5-15 years prior to retirement), we work to develop ways to save your money in a tax-efficient manner, balancing different account types, like Roth and pre-tax IRA accounts.
There are numerous other methods, including health savings accounts HSA, company stock strategies and other income planning methods that we use to create a personalized plan that is unique to your circumstances.