Tax Planning

Taxes are one of the largest expenses that you’ll pay over the course of your life, but one that usually doesn’t get enough attention. We analyze your tax situation to develop tax strategies and offer tax advice regarding tax sensitive investing.

There are many tax planning opportunities for retirees after earned income drops and before and after beginning Social Security or taking Required Minimum Distributions from qualified retirement accounts.

Opportunities may include:  Roth conversions, charitable giving, review of cost basis, carry forward losses, stock option exercise, and tax loss harvesting. In addition, we advise on avoiding increased Medicare costs (IRMAA) and charitable gifting strategies.

There are also important tax planning strategies to consider while working, including:

  • Whether to make Roth or tax-deferred contributions to retirement plans
  • Whether to make Roth IRA contributions if income allows, and if not, when to use a “back-door” Roth IRA
  • Maximizing the benefits of a Health Savings Account (HSA)
  • College savings strategies, and when to use 529s for college funding
  • Consolidating old retirement accounts
  • Developing strategies for stock options and other forms of equity compensation

Tax laws change frequently, and staying informed about these changes can be a lot of work. We invest in staying up to date on these changes so that you don’t have to. And we can work directly with your accountant to review your recent tax returns and identify potential savings or restructuring opportunities, giving you proactive ideas for saving money in the future.

 

Schedule a meeting to discuss your needs and learn more about how we’ll work with you

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