Tax Efficient Strategies
Tax-Efficient Strategies Can Help Transform Your Finances.
Let’s work to shield you from too much tax liability. Our comprehensive view and access to your financial life can show you just how different tax preparation is from tax planning.
We think of tax planning as the strategy, study, and training you do to prepare for battle whereas tax preparation is the battle itself. Without proper preparation, it’s easy to feel overwhelmed when the time comes The more dedicated you are, the more prepared you will be.
Implementing tax planning strategies can be a crucial enhancement to your portfolio approach. It can create opportunities to rebalance a portfolio through asset location while striving to save money and minimize taxes.
Tax-efficient portfolios examine the tax-efficiency of each asset within your portfolio and which account type (brokerage account, Roth IRA, Traditional IRA, 401(k) is most appropriate to hold each asset. Some assets work better in one over the other. This strategy seeks to minimize potential tax liabilities generated by the asset annually.
Proactive Protection
Implementing effective tax strategies can be crucial in helping save you money by minimizing distributions classified as ordinary income and helping ensure minimal capital gains taxation. You may also take advantage of tax-loss harvesting.
StrongHold may look at maintenance of appropriate tax credits like the Affordable Care Act, health insurance premiums, and monitor your modified adjusted gross income to help ensure it remains below the required thresholds for appropriate tax credits. Blending charitable giving goals with tax-efficient donation strategies can help, as well.
Proactively Advance Wealth Accumulation
When you save in taxes, you can reinvest in your future.
Sometimes converting traditional IRA dollars to Roth dollars in low taxable income years is a sound strategy. You will need to avoid unnecessary capital gains in this instance as high turnover could cause an increase in tax liability due to capital gains.
Taxes are complex. The strategy we build together will be unique to you and your plan. At StrongHold, we seek to help you maximize your financial plan for now and into the future.
Is it time for you to revisit your tax planning strategies?
Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
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Contact StrongHold Capital Partners:
EMAIL:
admin@strongholdpartners.com
ADDRESS:
7150 E Camelback Road Suite 444
Scottsdale, AZ 85251
PHONE:
480-992-9240
Investment advisory services offered through Stronghold Capital Partners, LLC, a registered investment adviser. Licensed insurance professionals.
Stronghold Wealth Partners and its employees and representatives do not provide tax or legal planning or advice. We are not affiliated with or endorsed by any government agency. Views expressed by Stronghold Capital Partners are theirs alone. This website is for informational purposes only and shall not constitute advice and are not an offer to buy or sell, or a solicitation of any offer to buy or sell investment products. Investing involves risk, including possible loss of principal. No investment strategy can ensure a profit or guarantee against losses. Past performance may not be used to predict or project future results. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there is no assurances that it will match or outperform any particular benchmark.
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Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting your interests first and disclosing conflicts. Insurance services have a best interest standard which requires recommendations to be in your best interest. Advisors may receive commission for the sale of insurance and annuity products. Additional details including potential conflicts of interest are available in our firm's ADV Part 2A (for advisory services) and the Insurance Agent Disclosure for Annuities form (for annuity recommendations).