7 Pillar Series - Tax Planning

7 Pillar Series - Tax Planning

March 31, 2021

Welcome back to our fourth segment in our Seven Pillar Series. This is a great follow up to last weeks, which was Legacy Planning. This week we’re going to talk about Tax Planning. And so similarly, it’s all about maximizing your situation. And when you sit down with your accountant and you do your taxes every year, a lot of times the focus is on how much can you save now? What can you save me this year?

And that’s great, make sure you’re maximizing your HSA, contributing to your retirement accounts. But tax planning is really about a long term strategy. And it’s the impact it can have on your life, over the course of your entire life. And I’m going to give you three different situations, in which a long term tax strategy can have a significant impact. If any of these are relevant to you, make sure that you have a long term tax strategy in place, and you’re not just looking at ‘what can I save this year?’

And that first one is really simple, and I think that it hits a lot of people, if you’re planning on retiring before you’re age 65 and Medicare eligible there are ways you can potentially save a lot of money on healthcare costs.

The second one is if you’re a small business owner and you’re looking at selling your business down the road. There are ways we can strategize ahead of time to minimize that tax impact in the year of your sale.

And the third one is simply looking at your retirement strategy. How much do you make now vs. how much are you going to need in income in the future when you’re retired? And are there ways we can put off money that we pay taxes on now? Or maybe we want to pay more in taxes now because of our tax situation down the road. Those are the three areas that are pretty common in a lot of our clients. And if they ring true to where you’re at, you should be looking at a long term tax planning strategy. And if you need help with that, that’s what we’re here for.

We actually have a strategic partnership with a  full service tax and accounting firm, Priebe Tax & Accounting.  So that we can make sure that we’re looking at the long term picture of your tax situation. Not just how much can we save in this year. And if you have a trusted partner and a trusted professional that you are currently working with, we’ll work with them too. But let’s make sure that we’re maximizing your situation.

And speaking of cash flow, our segment next week is on cash management. So we look forward to seeing you next week.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Priebe Wealth, a registered investment advisor and separate entity from LPL Financial.

 This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.