What is Tax Planning? By definition, tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. (Investopedia)
At Hughes Retirement Group we believe that your investment strategy is a huge part of efficient tax planning. By developing a clear understanding of your financial goals and objectives, risk tolerance and income needs and sources of that income we can develop an investment plan that can minimize your tax burden, while allowing you to keep more of your hard-earned money. We do this by guiding you in the utilization of tax-advantaged accounts, deferring and structuring income and utilizing tax-efficient investment strategies. All of this is done on an individual basis as it relates to your specific financial situation and goals.
Tax planning should not only assess your tax situation at retirement and in the present, but also look towards the future. Tax Laws, Tax Brackets and Tax Breaks can change over a given period of time and could possibly have a huge effect on the income you maintain during your retirement years. Our tax planning process is to help protect you from the risk of rising taxes.
It’s important to note that tax planning should always be done in compliance with applicable tax laws and regulations.