Tax Planning

Tax Planning for Your SHP Retirement Road Map©

Tax efficiency is a big piece of the retirement puzzle, and that is why tax planning is the third step in our SHP Retirement Road Map© process. Unlike income and investment planning, where things can change based on budgets or the market, tax planning centers on concrete knowledge of the tax code. Our qualified professionals review your financial situation to help you identify areas where proactive tax planning could reduce your tax liability both now and into the future. With regular assessment and strategy, we position our clients for a stronger financial future.

Tax Planning Vs. Preparing

Most people see their Certified Public Accountant (CPA) or tax professional annually to file a return at tax time. They bring their W-2s, 1099s, receipts, and more to report the previous year’s income. They learn if they will receive a return for overpaying or have any outstanding tax obligations to fulfill. This is tax preparation. It lives in the past. Tax planning, on the other hand, happens throughout the year and is future-focused. It considers the potential tax liabilities in current and future years. It seeks tax-saving opportunities and employs strategies to reduce taxes and maximize financial well-being in the long term. Our SHP Financial team can walk you through its tax-planning process, help you identify areas in your portfolio open to taxation, and suggest ways to mitigate them.

Why Is Tax Planning Important?

Tax planning helps shield your hard-earned savings from the losses that result from a poor understanding of tax law. How you allocate, withdraw, and distribute your assets can position you for more or less taxation. Some key tax-planning objectives are as follows:

Help Reduce Tax Liability

Reduce the amount of tax you owe by strategically leveraging tax codes, timing, retirement account withdrawals, withdrawals, tax loss harvesting, and other methods with the help of a financial advisor.

Charitable Distibutions

Help support your favorite charities and save on taxes at the same time. The tax benefits can help you and future generations to come.

Help Protect Accumulated Wealth

Retain as much of your retirement savings as possible with a smart financial strategy and develop strategies of passing this wealth onto your loved ones in the most tax efficient manner.

These are just a few tax strategies in our toolkit at SHP Financial. These approaches work differently depending on the scenario and require skill to properly apply them. We strongly recommend working with a financial advisor who will find the best tax-planning solutions for your situation.

Before the next tax season, take some time to review your portfolio with one of our advisors at SHP Financial. Our complete five-part planning process can help you avoid costly tax mistakes, potentially minimize your tax burden, and help secure your financial future.

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