Tax planning is the process of working with a qualified tax planning specialist to reduce your overall tax liability. At 360 Financial, we know you’ve worked hard for your money and want to keep as much of it possible. Our tax planning experts can help you navigate complex tax laws and implement strategies to take advantage of available deductions and credits to potentially reduce the amount of taxes you owe.
At 360 Financial, we believe tax planning plays an essential role in financial planning and wealth management. We offer tax planning services geared toward both individuals and business owners. We know you’ve worked hard to earn your money. We leave no stone unturned to find ways to reduce your tax burden so you can keep more of it.
• What are the most tax-advantageous investments for me?
• How can I take withdrawals in a tax-efficient and tax-smart manner.
• How can I leave a legacy for my children that is tax-advantageous for them?
• When should I take my Social Security?
• Are there opportunities to save via a Backdoor Roth IRA?
• Will I be able to make Roth Conversions in retirement to benefit from tax-free gains?
When you sell investments that have decreased in value, you can use the losses to offset capital gains on your investments that have grown. This can help reduce how much tax you owe.
Giving donations to eligible charities lowers your taxable income while enabling you to do something helpful for a cause you care about.
Some employers offer programs that allow high-income earners make contributions to a deferred compensation plan that can reduce your taxable income in the current year while building your post-retirement savings.
Each of these strategies offer beneficial ways to reduce your taxable income. Tax planning is a long-term strategy that is generally part of a holistic wealth management plan that’s designed to lower your lifetime tax liability while maximizing your returns. Tax gain-loss harvesting is a specific strategy that involves selling assets that have lost value and using the losses to offset your taxable capital gains on assets that have increased in value.
Charitable giving can be used to offset your tax liability by donating to a registered non-profit organization with a 501(c)(3) designation. It’s one of the best tax saving strategies available because it reduces the amount of taxes you owe while letting you support a charity that’s close to your heart. That’s a win-win because most of us would rather see our money go to a cause we care about rather than the government.
Working with your 360 Financial advisor can benefit your tax planning in multiple ways. Since your advisor has a holistic view of your financial picture, they’re familiar with the unique nuances of your income, assets, investments and overall life goals. Our experienced advisors include tax specialists who understand the complexities of tax laws and can help implement tax-efficient strategies to reduce your tax burden now and in the future.
If you’re a small business owner or freelancer, 360 Financial can help with tax planning services designed to lower your personal and business income tax, while maximizing opportunities for tax-deferred investments.
Our services include solo 401(k)s, simplified employee retirement plans (SEP IRAs) and Roth IRAs if you’re a sole business owner with no employees. For businesses with employees that want to offer great employee retention benefits, we can help implement programs like Safe Harbor 401ks, cash balance plans and profit-sharing plans. All of these options can help reward your employees while qualifying as a deduction for the business. They also financially benefit you as an owner by increasing the amount of tax-deferred retirement contributions you can make.
If you need help navigating the complexities of tax planning, 360 Financial’s experienced team of professionals can help.
Schedule a no-obligation call with us to learn more, ask questions and decide if we’re a good fit for you
Three basic tax planning strategies include making contributions to an IRA and/or 401k, utilizing tax credits for deductions, and doing estate planning such as setting up wills and trusts. All of these are ways to reduce your tax liability.
The process of tax planning involves analyzing all aspects of your financial situation to ensure all elements are structured so that you end up owing the least amount of taxes possible.
The most important methods of tax planning include investment planning, estate planning and tax management strategies such utilizing standard and itemized tax deductions to reduce your tax liability.
Although we work with clients from all around the country, because we're based in Minnesota, we understand its unique tax laws and regulations. Our experienced team of tax planning experts can help you navigate Minnesota's tax codes and take steps to lower your tax liability. We specialize in guiding our clients through life's impactful financial events. Many of these can have tax planning implications that can be proactively addressed with the help of an experienced tax planning professional.
We help many high-net-worth families in Minnesota navigate their tax and estate planning challenges.
Schedule a no-obligation call with us to see if we're a good fit for you.
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