Tax Planning
Why Tax Planning is Important? Have you ever gone to file your tax return and been shocked to learn that you owe a large amount of income taxes?
At Fero Financial we have a process that we follow to review our client’s taxes every single year to improve their overall lifetime wealth by managing and reducing their LIFETIME tax bill.
We currently have the lowest rate tax environment in US history. If you believe that income taxes will be higher in the future (we do at Fero Financial) then there is some urgency for tax planning over the next three tax years because the 2017 Tax Cuts and Jobs Act (TCJA) is set to expire at the end of 2025! We believe that the timing and payment of your taxes can yield greater wealth in retirement and for your heirs.
As a CFP® I assist clients by helping them understand the outcomes of various tax planning strategies by reviewing their overall financial plan and doing deliberate tax projection forward-thinking in the planning process. Once we identify possible strategies, we seek your CPA’s professional tax advice as they will make the recommendation to proceed with the specific tax strategy. Everyone needs a great tax professional however many of them do historical work (after the tax year is over) and opportunities may be lost. We believe a team approach with your tax professional will provide the best outcome for your financial plan.
There are planning opportunities that can be utilized, however, the laws are complex and should always be addressed with a knowledgeable CFP® for proper planning.
- Roth Conversions
- Back Door Roth IRA Conversions
- Should I contribute to a pre-tax (Traditional) IRA versus a tax-free (Roth) IRA retirement account?
- Tax Loss Trading & Capital Gain Harvesting in a taxable account
- Qualified Charitable Distribution Planning
- Health Saving Accounts
- Asset Location Strategies to optimize tax efficiency of income.
- Income Distribution Planning & Accelerating income
- Gifting – Legacy & Estate Planning
- Eliminating or Reducing your IRMAA Surcharges on Medicare Premiums
- When to Claim Social Security Benefits
Remember being strategic by structuring your income and deductions each tax year along with monitoring taxes in the decumulation years (retirement years) may yield more assets for your future retirement goals and that of your heirs.
To get your complimentary Tax Planning Analysis and Review please complete the information below and we will be in touch with you shortly to go over the details of what we will need.
Disclaimer The information on this page is not meant to be comprehensive financial planning, legal or tax advice.
Work With a Certified Professional
Rebekah J. Fero, CFP®, AIF®
LPL Financial LLC and Fero Financial LLC do not provide tax advice or services.