Tax Planning Strategies
Tax planning is the analysis of your financial situation or plan to ensure all elements work together helping you to pay the lowest taxes possible.
Tax planning should be an essential part of an investor’s financial plan. You worked hard for the assets you have accumulated. With you, your CPA or enrolled agent, and legal representative we develop a tax strategy finding a way forward. This is to help you keep as much of your hard-earned money as possible.
There are qualified and non-qualified assets you could accumulate. Qualified assets are those assets you have not paid taxes on yet. Examples of qualified assets are 401k’s, 403b’s, IRAs, and pensions. Nonqualified assets are those assets you have already paid taxes, but you many be required to pay taxes on gains your have from the growth of the nonqualified asset.
Examples of nonqualified assets are interest earned on checking/savings accounts, dividends from stocks you own, and gains in value from stock sales.
The three basic tax planning strategies are:
1) Timing-deferring or accelerating taxable income.
2) Income Shifting–shifting income from high to low tax rate taxpayer, or
3) Conversions-converting income from high to low tax rate actives.
Understanding how tax impacts you and your income stream is essential in retirement. Once you reach Age 73 in 2024, you maybe required to withdraw a certain amount of money from your tax-deferred retirement account each year. If you don’t pay your RMD there are penalties. Another misunderstood area in retirement is Social Security. Up to 85% of your Social Security could be taxed by the U.S. government. 9 States also tax Social Security benefits: Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont.
Contact
info@beefinancialpartners.net
832-698-2010
9950 Cypresswood Drive,
Suite 200, Houston, TX 77070
Insurance and annuities offered through Vicki Joern, TX License #1081644 and/or Karl Joern, TX License #1998944. Bee Financial Partners, LLC. is an Investment
Advisory practice that offers products and services through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. IPW does not offer insurance products.
The insurance products offered by Vicki or Karl Joern are not subject to Investment Advisor requirements. Bee Financial Partners, LLC. is not affiliated with the U.S. government
or any governmental agency.
No information or material presented on this website is intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Impact Partnership Wealth offers a broad range of investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary which can also be accessed here on this website, https://impactpartnershipwealth.com/wp-content/uploads/2021/06/Impact-Form-CRS.pdf.
Insurance and annuities are offered through Vicki Joern, TX License #1081644 and/or Karl Joern, TX License #1998944.
Please be advised that the securities advice offered, securities transactions conducted and assets under management services rendered by Impact Partnership Wealth, LLC are not: