Tax Planning

Tax planning can transform your finances.

Let’s shield you from too much tax liability. Our comprehensive view and access to your financial life can show you just how different tax preparation is from tax planning.

We think of tax planning as the strategy, study, and training you do to prepare for battle whereas tax preparation is the battle itself. Without adequate planning and lengthy training, the battle is destined to fail. The more dedicated you are, the more prepared you will be.

Through tax planning, we guide clients to smart decisions with the financial impact on both current and future tax returns. One strategy, for example, is a tax-efficient withdrawal for retirees. This strategy takes into consideration your cash flow, income channels, and lifestyle needs to minimize your tax liability.

Tax planning is a radical enhancement to your portfolio approach. It can create opportunities to rebalance a portfolio through asset location while saving money and minimizing taxes.

Tax-efficient portfolios examine the tax-efficiency of each asset within your portfolio and which account type (brokerage account, Roth IRA, Traditional IRA, 401(k) is best to hold each asset. Some assets work better in one over the other. This strategy seeks to minimize potential tax liabilities generated by the asset annually.

Proactively Advance Wealth Accumulation

When you save in taxes, you can reinvest in your future.

Sometimes converting traditional IRA dollars to Roth dollars in low taxable income years is a sound strategy. You will need to avoid unnecessary capital gains in this instance as high turnover could cause an increase in tax liability due to capital gains.

Tax planning is complex and comprehensive. The strategy we build together will be unique to you and your plan. At StrongHold, we seek to help you maximize your financial plan for now and into the future.

Is it time for you to revisit your tax planning strategies?