Forward-Looking Tax Planning
A focal part of our financial planning process revolves around tax planning. We help make the most of savings opportunities and tax breaks. Empowered with our knowledge, you can make informed decisions and understand tax consequences. Less money paid in taxes today is more you have to contribute toward your goals tomorrow.
Generally, tax preparation services look BACKWARDS and are reactive. We look AHEAD for the potential tax impact and take preemptive action according to our strategic plan for you.
Our team takes the time to:
________
Understand Your Income
Let’s face it- between different sources of earned and unearned income things can get confusing fast. We review everything to get a full scope understanding of your income. And understanding the tax rules that make a big difference.
Show Different Scenarios and how they Affect YOU
We show you alternative scenarios so you can see the effects of various choices in dollars.
- When should I claim Social Security benefits?
- Should I process a Roth Conversion?
- How much should I contribute to my IRA or 401(k)? Or should I choose a Roth account?
Help you Decide whether to Pay More Now or Pay More Later
Retirees should try to Minimize Future Ballooning Tax Liability. A key consideration is, “When will your tax rate be higher?” Instead of simply planning to defer taxes as long as possible ask yourself, “How can I be strategic in how much taxes I pay in EACH year going forward?”
SmithSandlin Wealth Planning advisors are not Certified Public Accountants (CPAs). Accounting, auditing, or tax preparation services are not provided. While tax implications may be discussed as part of an overall financial plan, specific tax advice is not offered. Clients should consult a qualified CPA or tax professional for accounting or tax-related matters.
Check Out Our Tax Resources:
Click below to find forms, explanations, and other tools to help you manage your taxes.