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So How Does
Tax Planning Help You?
Forward-Looking Tax Planning is included with the Asset Management Service and the One-Time Financial and Retirement Planning.
Tax Planning Checklist
1. Marginal Tax Rate- Your tax rate based on your income.
2. Effective Tax Rate- Helps us understand your overall tax picture, after all credits and deductions.
3. Carry Forward Losses- Losses carried forward to the future from stock sales. Planning opportunity.
4. IRMAA Surcharges- Surcharge based on income added to Medicare premiums.
5. Capital Gains- Long-term capital gains are taxed at preferential rate than ordinary income.
6. Qualified Dividends- Dividends taxed at capital gains rate than ordinary income.
7. Roth Conversion Opportunities- For tax-free income or no RMDs after age 72. Also, tax-free wealth transfer for your loved ones.
8. Itemized vs. Standard Deductions- Planning opportunity.
9. Net Investment Income (NII) Tax- Higher income individuals or couples are taxed at 3.8%. Planning opportunity.
10. Phaseouts- 50 tax credits available but are subject to income phaseouts.
11. Tax Summary: awareness of credits and deductions that may apply to you.
12. Charitable Giving- Qualified Charitable Distribution (QCDs) and Donor Advised Funds (DAF) for tax savings
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