Why is tax planning so important? What does it entail? Brian talks all about this crucial part of your financial plan.
President Biden just signed the Inflation Reduction Act, which includes money for the IRS tax enforcement division. Kevin O’Leary from Shark Tank says to focus on reducing your taxes by paying attention to the deductions available to you. What opportunities are you missing out on?
When you work with a financial advisor you might be surprised to find that they not only look at your investments, but so many other details. Giving up taxes affects your income in retirement. So, you have to look at your finances comprehensively.
You need to find the right strategy (or strategies) for that taxable event you are about to make. Brian talks about several clients who had invested in real estate in the past but are looking at getting out of it. You have to make a plan before you do that. Whether you are a small business owner, have real estate properties, or are an individual investor, you want to save as much as you can on taxes. Minimize the taxes by tax planning with a professional.
Are you tax planning as you should? Reach out to your financial advisor and a tax planning profession to see what kind of strategies you might be missing.
Listen to the entire episode or skip ahead using the timestamps below.
0:12 – Focus on reducing your taxes.
2:55 – What happens when you give up too much in taxes?
5:24 – Tax planning is so important.
“You give up taxes and it affects your income in retirement, it affects the next generation.”