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.