The more money you make, the more money you pay out in taxes. This can eat into your returns on investment. Coupled with inflation and other economic factors, many people later find that they hardly made a profit at all. At Russell Wealth Management, we provide clients with their own financial advisor to assist with income tax planning. By taking a proactive approach, you put yourself in a more informed position to reduce your tax liabilities.
How Tax Planning Works
Proper tax planning begins with a thorough evaluation of your current financial situation. Here are some of the many factors the financial professional you work with might take into consideration:
- Current and future financial goals
- Income streams
- Qualifying donations
- Interest on qualifying loans
- Business expenses
- Investment withdrawals