High-income earners aren’t the only ones who can benefit from tax planning services. Anyone who wants to reduce their tax liability, maximize their income, and save for retirement should contact Alloy Wealth Management for tax planning services. We offer clients tax-efficient strategies for investing which can help minimize the amount of taxes they’ll pay on investment returns. Tax-advantaged accounts like IRAs and 401(k)s help lower taxable income because the contributions made each year can be deducted at tax time. Funding an HSA, health savings account, is tax-deductible and withdrawals are tax free. 

Comprehensive tax planning considers future taxable events as well as past years’ taxes and is crucial to any wealth management strategy. For example, an individual may choose to delay the sale of an asset that appreciated in value until the next tax year to delay the payment of capital gains tax. 

With the right strategy, tax planning can reduce taxes paid on social security benefits. Taxpayers in a lower income tax bracket pay less in taxes while they’re working and when they are retired. Timing when to take benefits, and managing when to withdraw from retirement accounts, impacts taxes. If you have questions about tax planning or would like to speak with one of our experts, call 800-689-3935.