Taxes, Taxes, Taxes… Taxes are confusing! Are you paying Uncle Sam too much? Are you interested in ways to lower your estimated tax payments? Did you ever pay taxes on additional "gains" you didn't know you had? Join us as we navigate tips and tricks to make retirement accounts as TAX-FREE as possible as well as making company stock tax-favorable.
Most people don’t make mistakes on purpose. While investing strategies are often a matter of opinion, taxes are a matter of fact. Unfortunately, because the focus of many retirees and advisors is strictly on investment returns, tax strategies are often overlooked or not given a proper focus. Some of these strategies include two important tax rules that can allow for tax-free withdrawals from 401ks, IRAs and potentially reduce your RMDs the government requires you take out. Simply enough, one of the best ways to increase real returns in retirement is to pay fewer taxes and keep more of that money in your own pocket!
It’s extremely important to ensure your estate plan can be tax-beneficial for you, your spouse, your heirs, and your legacy for years to come. Leaving these retirement accounts and assets behind can leave your beneficiaries with a large tax bill to face. We will discuss different strategies to help your loved ones and chosen charitable organizations inherit these assets without having to pay massive taxes on tax-deferred accounts. IRAs and Roth IRAs each have unique advantages and have even more unique rules when investing, withdrawing, and inheriting.
Learning techniques to make your life more tax-efficient and tax-free will be a primary focus in this class. Just as we get our yearly physicals, it’s time to have our financial physical and take another look at our current “game plan.”
Bring your questions and we’ll help provide the answers or tools to lead us to our best “tax-free” life!