Good Financial Reads: Your Tax Planning Guide (Part One)

If you have financial legacy goals, you’ll want to consider how taxes affect the impact of that legacy, because every dollar you pay in taxes is one less dollar that can be used for legacy giving to support the people and causes you care about. One of the most strategic tax planning options to help you meet your legacy goals, especially if those goals include charitable giving, is Qualified Charitable Distributions.

There are three types of accounts we have been talking about: taxable, tax deferred, and non-taxable accounts.  Let’s talk about tax deferred accounts today.

Today’s federal income tax rates might be the lowest you’ll see for the rest of your life. As a result, if you have a traditional retirement account, such as an Individual Retirement Account (IRA), a 401(k), or a 403(b) (collectively referred to as IRAs throughout), you should consider converting a full or partial Roth conversion.

Many people assume tax planning and tax preparation are the same. These services are very different. When combined, they help you maximize your personal and business income, investments, and bottom line, even after paying your taxes.