The Goal of Tax Planning is to Minimize Lifetime Taxes

Taxes are one of your largest lifetime expenses, but most people think about them after it’s too late to make a difference. In Episode 19 of The Decision Dividend, we break down the difference between tax preparation (filling out your tax return) and tax planning (proactively shaping your outcomes). You’ll learn about: • How to identify opportunities before year-end that may disappear in January • Why financial advisors and CPAs play complimentary roles in tax strategy • Why reducing the tax drag of your investment portfolio is an integral part of tax planning View our "Uncovering Opportunities in the New Tax Law "One Big Beautiful Bill Act" Webinar" here:    • Uncovering Opportunities in the New Tax La...   Chapters 00:00 Tax Prep vs Tax Planning – is the goal of minimizing lifetime taxes 02:20 The Challenge of Tax Planning – comes down to timing and uncertainty 07:58 Projecting Future Tax Rates – the One Big Beautiful Bill Act provides more certainty for future tax rates 12:01 Strategies for Low Income Years – pull taxes forward by converting assets to Roth accounts and delaying deductions 18:54 Maximizing The Retirement Income Valley – leveraging temporarily low tax rates between retirement and the combination of social security and required minimum distributions 20:28 The Complexity of Tax Projections – deduction phaseouts, Medicare surcharges, and other features of the tax code create complexity 27:57 Strategies for High Income Years – using pre-tax accounts to push income into the future, while bringing deductions into the present through a bunching strategy 34:03 Business Owner Tax Strategies – utilizing cash balance and pension plans 36:59 Incorporating Expected State Taxes – can change the math if you plan on moving to a state with very different taxes 39:28 How To Avoid Penalties – understanding safe harbor rules, how to withhold taxes with the least amount of effort, and maximize interest until you pay 45:04 The Importance of Asset Location – selecting tax-efficient investments for taxable accounts, tax-inefficient investments for tax-deferred accounts, while factoring in expected growth 47:18 Forced Capital Gain Distributions – how to spot likely distributions and maximize the expected distribution through giving to charity or tax loss harvesting of other investments 54:22 The Importance of Proactive Tax Planning – there is value in sorting through the complexity Greenspring Advisors is a registered investment adviser with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. The social media platforms associated with this name are solely for informational purposes and do not offer advisory services or sales of securities. Investing involves risk and possible loss of principal capital. Comments by viewers and/or recognitions are no guarantee of future investment outcomes and do not ensure that a viewer will experience a higher level of performance or results. Public comments posted on this site are not selected, amended, deleted, or sorted in any way. If applicable, certain editing of personal identifiable information and misinformation may be deleted. Content may be dated. Links to third-party sites, or information is from a reasonably reliable source. Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Guests and firms mentioned are not affiliated with Greenspring Advisors. No compensation was provided or received for appearance. Views are those of the speakers as of the recording date.