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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.
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:
The financial advisor then works with you to create a plan that reduces your tax liabilities over time. There is no one-size-fits-all solution, so recommendations can vary from donating more personal items to ensuring you choose specific loan types when borrowing money.
Tax planning plays a crucial role in ensuring the money you invest grows beyond the rate of inflation and fees. This provides money for you to tap into for retirement, a rainy day or meet financial goals in the near or distant future.
Are you ready to take a more proactive approach to how you manage and reduce your taxes? Contact us today.