Tax Planning

Conquering the Tax Code

The United States Tax Code houses a whopping ten million words, which means your earnings are subject to a lot of complicated withholdings. Everyone knows about income taxes and the brackets that define them, but it also means losing portions of your earnings to payroll taxes, property taxes, capital gains taxes, estate taxes … The list goes on and on. There are techniques for lowering your tax obligations, and Profectus Financial specializes in implementing many of them.

One relatively simple example to consider is the benefit of a 401(k). By making monthly contributions to a retirement plan, you can effectively lessen your monthly taxable income. This kind of deduction is made from your pre-tax earnings; meaning, if you make $10,000 per month, and contribute $2,000 per month to your retirement plan, your taxable income that month reduces to $8,000. This saves you $500 a month in taxes, and $6,000 annually. Multiply that by decades and you’re looking at a pretty nest egg to welcome you into retirement and eventually pass on to your beneficiaries.

401K Example

 

There are many ways you can substantially lighten your tax load. We collaborate with your tax advisor to develop informed and appropriate year-end planning. This process allows us to determine a need to either realize gains or harvest losses in your investment portfolio, select the most efficient deferral strategy, and establish a gifting plan or charitable bequest. Profectus Financial can bring to the table many tax-saving strategic resources to determine a course of action that best suits your financial situation and objectives.

Lighten Your Tax Load

There are many ways you can substantially lighten your tax load. We collaborate with your tax advisor to develop informed and appropriate year-end planning. This process allows us to determine a need to either realize gains or harvest losses in your investment portfolio, select the most efficient deferral strategy, and establish a gifting plan or charitable bequest. Profectus Financial can bring to the table many tax-saving strategic resources to determine a course of action that best suits your financial situation and objectives.

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