Tax planning plays a key role in every comprehensive financial plan. It’s essential. Taxes impact everything from net income to investment returns and even what you’ll pay for Medicare once you turn 65. With tax planning, you will have strategies in place to reduce the impact of taxes on your financial efforts so you can have more money to save, invest, and spend.

At Alloy Wealth we work with individuals of all incomes who want to build wealth. Yet we do have many clients who are high-income earners and they too need smart tax strategies to reduce tax liabilities. One recommendation we often make involves tax-free withdrawals from a retirement account directed to a charitable organization. 

To make charitable donation transfers you must be at least 70 and ½. You can donate $111,000 per year or twice that amount if you are married filing jointly. It’s one of our favorite tax planning strategies because it’s a great way to give back while reducing taxable income. 

We could keep listing creative tax strategies in this blog but it’s best for you to reach out and schedule a tax planning session with us. Every financial situation is unique, and tax planning needs to be customized. Once we meet with you and assess your current financial situation, we will recommend a tax plan that aligns with your specific goals. We’d be happy to give you a checklist of information to bring to your appointment once you call to set it up. Call 800-689-3935 to speak with one of our team members.