Greetings! I trust that this finds you well and enjoying life.
Whether you’re already retired or knocking on the door, one way to potentially maximize your savings, investments and income is to minimize your tax liability. Tax-deferred vehicles are more tax efficient since money can grow without the annual burden of taxation. However, because this reduces the revenue the government can receive such vehicles, the amount you can contribute and withdraw each year may be limited.
To further help reduce your tax burden, you may want to consider varying the years in which you take certain itemized deductions. For example, if you already have multiple deductions for one year – perhaps due to excessive medical expenses or you purchase a second home – you may consider delaying a charitable deduction until the following year. Consult your tax advisor for the strategies best suited for your financial situation. If you need a good tax and accounting professional to provide tax strategy and advice on minimizing taxes, we can certainly recommend one for you.
If you have any questions about any financial issue or concern don’t hesitate to call.
Jeff Christian CFP, CRPC