Following a solid tax planning strategy throughout the year is an integral part of any financial plan, but there are special considerations to make as the year comes to a close that can help maximize your refund or minimize your liability.
Are you taking advantage of the following tax-saving strategies with your return?
Do you know how long you'll live? Obviously, most of us have no idea, but we often "plan" for retirement as if we won't live much past retirement age. In fact, average life expectancy has increased dramatically in the past century, and most Americans live well past 65.
If you earn any kind of income, you're going to pay taxes, and investment income is no different. As your portfolio grows nearing retirement, it’s important to consider your pre-tax and post-tax retirement incomes, and how future tax liabilities may impact your overall retirement strategy. If you’re working with a savvy financial professional, they will consider these factors when building your plan.