Tag: Tax Plan

The Critical Role of Tax Planning in Financial Success (Episode 8)

The Critical Role of Tax Planning in Financial Success (Episode 8)

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Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into the critical topic of tax planning and its significant impact on wealth management. They discuss the difference between tax planning and tax preparation, emphasizing the importance of proactive strategies to optimize tax situations over time. The conversation highlights the necessity of starting tax planning early, the need for a shift in mindset regarding tax preparation, and the value of working with specialists in the field. The hosts provide insights on how to approach tax planning tactically and strategically, ensuring that listeners understand the long-term benefits of thoughtful financial decisions.

Resources:

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Takeaways:

  • Tax planning is crucial for wealth management.
  • Proactive tax strategies can significantly impact financial outcomes.
  • Tax preparation is merely a historical record of past actions.
  • Understanding the difference between tax planning and preparation is essential.
  • Starting tax planning early can lead to better financial health.
  • Regular check-ins on tax situations are important for long-term success.
  • Shifting the narrative from compliance to strategy is key.
  • A tactical approach to tax planning can yield substantial savings.
  • Collaboration with specialists enhances tax planning effectiveness.
  • Long-term tax strategies can alleviate stress during retirement.

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How to Maximize Your Retirement Savings and Minimize Taxes Using Roth IRAs and Conversions (Ep.22)

How to Maximize Your Retirement Savings and Minimize Taxes Using Roth IRAs and Conversions (Ep.22)

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Wondering what role Roth IRAs and Roth Conversations play in your retirement plan? 

In this episode of the Monetary Mixtape podcast, Will Hoffman discusses the importance of understanding Roth IRAs and Roth IRA conversions for retirement planning. He explains the benefits of Roth IRAs, contribution limits, and the five-year waiting period as it pertains to those approaching retirement (Gen X) and those currently enjoying their golden years.

He also touches on the possibility of increasing taxes and the advantages of having a tax-free bucket of money!

Gain insightful knowledge about: 

  • The role Roth IRAs and Roth conversions play in your retirement plan
  • How Gen Xers can effectively diversify their investment portfolio to mitigate risk within retirement savings
  • The difference between tax planning and tax filing – where to obtain effective, strategic advice about tax planning during your career and retirement
  • And more

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About Our Host: 

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally. 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed.  No offers may be made or accepted from any resident of any other state.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future  contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

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