Tax Strategy | Wade Financial Advisory | Fee-Only Financial Advisor serving Silicon Valley

Uncover these philanthropy tax benefits for high-net-worth individuals and start maximizing your impact today.

Tax Benefits of Philanthropy for High-Net-Worth Individuals

Wealth Management / Eric M. Solve, CFP®, EA

In the realm of wealth management, philanthropy is not only a testament to one’s values but also a strategic component of financial planning. For high-net-worth individuals, charitable giving can be a fulfilling way to contribute to societal well-being while also benefiting from significant tax advantages. Understanding the interplay between philanthropy and tax planning can help you maximize the impact of your contributions, both for your chosen causes and your personal financial landscape. Below, we’ll discuss the philanthropic tax benefits you might enjoy when you give back in intentional and strategic ways.

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Tax Benefits of Philanthropy for High-Net-Worth Individuals Read More »

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

Tax Planning / Eric M. Solve, CFP®, EA

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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The Importance of Tax Planning in Your Financial Plan Read More »

Tax Planning Strategies for High Income Earners

Tax Planning, Uncategorized, Wealth Management / Eric M. Solve, CFP®, EA

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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Tax Planning Strategies for High Income Earners Read More »

Health Savings Accounts Provide a Simple Tax Break for High-Income Earners

Tax Planning, Uncategorized, Wealth Management / Rodney D. Wade, CFP®, AIF®, EA, MST

Health Savings Accounts (HSAs) are often overlooked or misunderstood, but they provide a noteworthy tax savings strategy for high-income earners when utilized correctly. Specifically, they provide access to a triple tax-advantaged account with the potential to beat the utility of even your 401(k) plan. You can contribute to your HSA on a pre-tax or tax-deductible basis, your savings grow tax-free, and you can also make tax-free withdrawals from the account to pay for qualifying medical expenses. What’s more, if you optimize your contributions and refrain from making withdrawals, your HSA can also serve as a valuable – and flexible – retirement asset.

Below, we’ll discuss the details of why high-income earners should consider utilizing an HSA.

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Health Savings Accounts Provide a Simple Tax Break for High-Income Earners Read More »