Tax Strategy

Tax planning can be complex, but it’s a critical component of your long-term financial plan.

The Importance of Tax Planning in Your Financial Plan

Taxes are an inevitable aspect of our financial journey, and while they may not be the most exciting topic, they can have a significant impact in the short term (e.g. cash flow, unexpected taxes owed, etc.) as well as long term (e.g. total net worth, mix of accounts that make up a portfolio – Taxable, IRA, Roth IRA, etc.). Navigating the complexities of tax planning can be overwhelming, but it’s worthwhile because it can enhance your comprehensive financial strategy. In this article, we’ll explore why tax planning is a crucial component of your financial plan and how it can positively impact your overall financial position.

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tax planning for high income earners

Tax Planning Strategies for High Income Earners

Having a higher net worth affords you many benefits, but it also means tax planning is a bit more of a chore. Without a thoughtful high income tax planning strategy, you run the risk of missing out on key tax benefits and, when you’re paying more in taxes, that liability can begin to diminish your net worth over time. Fortunately, there are several opportunities for tax savings, including for earners in higher tax brackets. Below, we’ll review four of these opportunities for your consideration as part of your high-net-worth tax planning strategy.

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