Income Tax Savings
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Income Tax Savings

4/30/2017

Guest(s): Brianne King, William Taylor and Bill Wolfe

Income Tax Savings

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Income taxes are paid in layers and the highest bracket is 40%.  Middle class, two worker households often top out at 25%. That is a significant portion of your return given away. Often that is unnecessary and the rate can be lessened or even eliminated.  During this episode, our guests will share some common strategies on how to save income tax through financial planning and investment management.

Some of the areas discussed include:

  • The utilization of charitable gifting to lessen taxes
  • Harvesting losses in a portfolio at time of gain and also on a regular basis to store up for future use
  • Contributing to tax deductible retirement plans, both corporate and personal plans
  • Using vehicles for investing that allow withdrawals to be taken tax free

Who doesn’t want to reach their financial goals faster?  This episode isn’t about finding savings in your tax return.  It’s about using financial planning techniques and intelligent investment strategies to cut taxes.

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Add to Your Portfolio's Return by Being Tax Wise

A dollar that you do not unnecessarily pay in taxes today remains available to generate more dollars throughout your lifetime if handled properly. Creating those additional funds to add to your future financial security does not require a master’s degree in taxation, though you will want to seek guidance from knowledgeable professionals so that you will properly create tax savings. But you can seek those opportunities to harvest money for yourself that otherwise would have gone for taxes by being aware of tactics to employ and opportunities to seize. Here are some of them.

Investing in mutual funds involves risk, including possible loss of principal. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss. Investing in mutual funds involves risk, including possible loss of principal. Municipal bonds are subject to availability and change in price. They are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply. If sold prior to maturity, capital gains tax could apply. No strategy assures success or protects against loss.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Asset allocation does not protect against market risk. Stock investing involves risk including loss of principal. You cannot invest directly into an index. Stock investing involves risk, including loss of principal.

Find out how our approach can help you pursue your financial goals!

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