Year-End Tax Strategies
Common Sense Financial Podcast
Proactive Tax Planning for Retirement
This chapter highlights the importance of proactive tax planning as individuals near retirement. It discusses the formation of a knowledgeable team to navigate tax complexities and outlines strategies for legally reducing tax liabilities.
Brian Skrobonja shares practical tips on year-end tax planning so you can make informed decisions and take control of your financial future.
He explains why now is the perfect time to assess your financial situation and the type of strategic moves you can make to reduce your tax liabilities, maximize savings, and enhance your overall financial health.
- Brian starts the conversation by revealing the key elements of a well-designed year-end tax planning strategy.
- Tax planning isn't an April 15th activity. The tax return itself is just a scorecard. For Brian, tax planning goes from January to December of the year you're in.
- Brian talks about the benefits of being intentional about allocating resources and ensuring you remain in a reasonable tax bracket throughout the year.
- According to Brian, it’s unfortunate that most tax preparers recommend buying vehicles or equipment to save on taxes. Brian explains how that line of thinking may be costing you money, not saving you money.
- Brian reveals why he doesn’t defer taxes into retirement accounts.
- He explains how tax deferral is not a tax saving. For a strategy to be a tax saving, it needs to actually save you taxes. And a tax deferral is not a savings; the word defer gives it away.
- Brian goes through examples of real tax saving strategies that can reduce your current tax bill, build wealth, and help ensure you don’t have future tax liabilities.
- Brian talks about the best way to be paid as a business owner.
- While ordinary income may seem attractive, this form of income is also the highest taxed income in our tax system.
- Brian explains why business owners should not take ordinary income and instead take profits as a dividend. This can often carry a more favorable tax rate and can lead to some significant tax savings over time.
- The other mistake Brian sees people make is receiving an income and then making charitable contributions from their personal account. Often, this can result in overpaying on your taxes because of the standard deduction.
- Brian goes through investment options that carry unique tax benefits and lead to significant reductions in taxable income.
- The default approach for many people is to receive a salary, defer money into their 401k, pay down debt, and approach retirement with hands off the wheel. Brian explains why sometimes this is leaving money off the table.
- If you make money, there will be taxes to manage. Any tax-saving strategy you choose to deploy should be done legally and ethically. The good news is that there is nowhere in the tax code that says you have to pay the maximum amount in taxes.
- Brian highlights the benefits of keeping yourself updated with tax laws. Tax laws are always evolving and being informed about these changes can lead to better decision making.
- How to help ensure you're taking full advantage of the potential opportunities and the numerous tax benefits available to you.
- As the year concludes, Brian recommends taking the time to engage in comprehensive tax planning. This can make a meaningful difference in short-term savings and your long-term financial health.
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Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.
Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.
The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.
This material contains forward looking statements. Forward looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Actual future results and trends may differ materially from what is forecast.
Investing involves risk, including the potential loss of principal. It is not possible to invest in an index. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.
Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This show is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.
This content is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.
Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC are not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firms are not affiliated with or endorsed by the U.S. Government or any governmental agency.
The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC.
Alternative investments may be subject to less regulation than other types of pooled investment vehicles. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits. Incorporating alternative investments into a portfolio presents the opportunity for significant losses including in some cases, losses which exceed the principal amount invested. Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for all investors. Asset allocation and diversification strategies do not ensure profit or protect against loss in declining markets. Endowment funds are managed for institutions not individuals. An endowment-like strategy is not an endowment or an endowment fund.
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