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Many people think of tax planning about the same time that their taxes are being prepared. Unfortunately, the gains or income that cause tax problems have already been earned during the previous year. We, at Economic Horizons, encourage complete communication between our office and the client’s broker to ensure that there are no surprises on April 15th. Economic Horizons, along with our CPA tax specialist, can assist in organizing your assets to minimize taxable income as well as create an asset base that grows without increasing any tax difficulties as it grows.
For those who are contemplating the receipt of their social security benefits, a thoughtful question should be explored:
When should I start receiving Social Security?
'Too often Social Security can be diminished by income taxes. In fact, as much as 85% of your Social Security funds can be drained by taxes. Economic Horizons has developed a successful method to assist you in determining when to commence Social Security, and, at that same time, minimize any applicable taxes.
If you are currently receiving Social Security, how much of it adds to your tax liability and can you reduce this tax burden?
An office visit can help you determine exactly what your needs are, putting you at the right spot on the road to a successful retirement.
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