Taxes may not be the most exciting conversation, but they are important! Today, we are talking about tax planning and why it’s important to retirement planning. Tax planning is part of our process and it’s not just something we do once a year. These strategies are important in keeping your overall plan efficient.
We look at both the short-term and long-term strategies. As we reach the end of the year, we really want to think about tax planning. There are a lot of opportunities to maximize your tax efficiency whether you use conversions or charitable giving. We will be discussing tax strategy, deductions, end-of-year tax planning, and more. Wade will also answer two mailbag questions about taxes on retirement accounts and catch-up contributions.
What we discuss on this episode:
1:17 – Thanksgiving plans
3:15 – Tax planning year-round
6:09 – Deductions you can take today
6:48 – Things that will help you in the future
7:46 – End of year tax planning
9:00 – Opportunities towards the end of the year
10:28 – How do taxes impact retirement?
11:55 – Taxes in the future
13:06 – Mailbag: Can I get out of paying taxes on my 401(k) and IRA?
15:27 – Mailbag: Can I catch up on my 401(k) and IRA?
More Resources:
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
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Ep 50: 5 Things You Need to Know About Decumulation and Retirement
Ep 49: What Makes Your Advisor Tick
Ep 48: Transforming Lives One Step At A Time with Wayne Walker
Ep 47: Helping School Districts & Ministries with Wes McDaniel
Ep 46: Do Retirees Really Need Life Insurance?
Ep 45: What is Tax Diversification?
Ep 44: Building a Successful Consulting Business with Guest Jeff Wilson
Ep 43: Retirement Planning for Business Owners
Ep 42: Building Your Plan with Jud Mackrill
Ep 41: Financial Double-Edged Sword
Ep 40: Common Tax Planning Questions With Sean Phillips
Ep 39: Financial Fact Or Fiction
Ep 38: Are You Flirting With Disaster
Ep 37: Providing True Value To Your Clients With Ralph Pence
Ep 36: Success Is A Team Effort With Ron Carson
Ep 35: Good News & Bad News: Why The Good Doesn’t Always Offset The Bad
Ep 34: Helping Businesses Implement Their Vision With Jeff Whittle
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