Tax Planning

Clearwater and Tampa Bay Florida

Going beyond tax preparation to make sure you are minimizing unnecessary tax burdens

There is a big difference between preparing your taxes and planning your taxes. We focus on tax planning strategies in retirement.

Perhaps the most impactful piece of retirement planning is determining your current and future tax liability and developing strategies to minimize the amount of taxes you pay in retirement. We strive to implement a sound, well-thought-out financial strategy to minimize year-to-year tax liabilities and provide the opportunity to maintain your current standard of living throughout retirement.

Tax Planning Strategies

Tax Planning vs. Tax Filing

We focus on planning taxes rather than simply preparing taxes. We work with clients to plan strategies designed to reduce tax burdens in retirement rather than simply file taxes. Each retirement plan we create factors in the tax implications and is designed with tax reduction strategies.

Tax-Free Income

We are big proponents of tax free income. We work toward building income streams in retirement that have the least amount of tax liability as possible. While not everyone will be able to have all of their income tax free, we strive to design tax free income plans..

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What sort of tax obligations will I face in retirement?

Taxes can have a big impact on retirement. Many assume that when they stop working, taxes will be reduced or even disappear. However, the reality is that taxation continues into retirement and must be factored into retirement planning. A surprise to many retirees is that Social Security may be taxable. In fact, up to 85% of Social Security benefits may be subject to income tax. Another major tax situation occurs when retirees are forced to take RMDs (Required Minimum Distributions) from their IRAs at age 70.5.

How does Social Security impact my taxes?

Receiving Social Security benefits may impact your tax burden. Many people are surprised to find out that Social Security benefits themselves may be subject to taxes. Social Security benefits impact your overall taxable income amount and therefore may impact other financial aspects of your situation such as whether or not you qualify for a federal subsidy for health insurance. It is therefore important to consider taxes when determining when to take Social Security and when building a retirement income plan.

Should I convert to a ROTH IRA?

Many people hear about the concept of a ROTH IRA and immediately want to get involved. In particular, the tax advantages of the ROTH plan are most appealing. Sometimes converting a Traditional IRA to a ROTH IRA makes financial sense. This is a situation we see as people enter retirement and we use software to help make that decision. When it comes to an important decision with major tax implications like this, we involved our CPA partners to make sure it is done properly.

Where should I generate income from to minimize tax burdens?

Retirement income planning is not only about generating the income you need in retirement, but also about reducing tax liabilities. There are different strategies that can be employed to generate income in a tax advantaged way. When developing a retirement income plan, tax planning (as opposed to tax preparation) is an essential aspect. Different investment tools, tax qualifications, and timing play an important role in planning.


Tax Strategies in Retirement

Part of our retirement planning process includes reducing or eliminating taxes whenever possible. We provide reports and detailed strategies designed to keep more money in our clients' pocket. These plans are customized based on each client situation.

Roth Conversion

For many clients, converting existing IRA money into a tax free Roth IRA makes financial sense. We create a report detailing the impact and the pros/cons of a Roth conversion.

Social Security Taxes

Part of your Social Security benefits may be taxable. Part of our planning process includes strategies designed to minimize the amount of taxes levied on your Social Security income if possible.

Tax Free Income

Tax free retirement income is much more valuable than taxable retirement income. Part of our tax planning strategy is to reduce and even eliminate the taxes you pay on income during your retirement.

Tax Savings Report

Tax planning might seem complicated, but that's why we involved planning experts. It's time to increase your bottom line by reducing your taxes.

Start reducing your taxes by creating our most popular tax report known as our Found Money Report

Call 727-223-8454 or Contact Us