Retirement Big Risk: Improper Tax Planning
27 Jul 2015
Before you receive your pay, you have deductions for federal taxes, Social Security, Medicare, state and local taxes, workers’ compensation, and more, depending on your particular situation. And then we pay sales taxes, property taxes, and those taxes and fees on your cell phone bill, on your cable bill, on your water bill, on your gas bill, on your electric bill. A myriad of levies are embedded in the cost of gasoline.
The list of taxes goes on and on. Improper tax planning is costly. Citizens must pay their legally required taxes, of course, but there is no need to send the government any more money than required. The IRS code is full of opportunities for those who are looking.
When it comes to taxation, it is important not only to understand where you stand today but also what your situation will be in 3, 5, 10, and 20 years from now. You and your financial team will need to make some reasonable assumptions and projections to see what the impact of taxation might be on you.
Does your financial plan address this risk? Contact us for a no cost, no obligation consultation today to make sure that it does.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Please consult with an advisor about your specific situation.