Retirement planning should include tax planning as a critical component. Many financial products and strategies exist to help you retain more of the money you earn. Some investments that may provide tax benefits include 401K plans; IRAs; home ownership; starting a business; and municipal bonds. Here are two important points to consider:
- Do not base your entire financial plan on the current Tax Code. The Tax Code can change at any time, and politicians are regularly trying to adjust the code.
- Find a highly qualified tax planner.
Locate a tax planner who’s available for year-round questions.
Before you make any financial decisions, always consult your tax advisor.
It is also suggested that you connect your financial team with your tax planner so your entire team is in the loop on your financial decisions.
There are financial products and strategies that allow you legally to pay fewer taxes, and locating a qualified tax planner is essential to your long-term success. A good tax planner will help you use tax laws to your advantage and play an instrumental role in your overall financial team.