How to Reduce or Avoid Capital Gains Taxes

In this week’s Hidden Wealth Reviews, I’m teaching the second video blog in my series, The Truth About Taxes. For starters, the 2024 fiscal budget rang up at almost $2 trillion ($1.8 trillion). This is up 8% from 2023 and it’s the third highest budget in history. The shocker is that over $1 trillion of the money that was spent went just to service the interest on our national debt. Regardless of who wins the Whitehouse, taxes are going to have to increase.

The cost of living has escalated drastically in the last four years. As the cost of goods and services continues to increase and interest rates begin to catch up, many retirees, especially those in the Baby Boomer generation, are beginning to withdraw money from their retirement accounts. The catch to this is that many retirees don’t have any tax deductions.

This coming Tuesday, at my Remove Your Wealth from Washington webinar, I will teach you financial strategies that are centered around tax deductions and tax credits. To register for this no-cost, no-obligation financial educational event, go to RetirementProtected.com.

Alecia Munnel is the retiring head of the Boston College Center for Retirement research. Ms. Munnel recently sat down for an interview with The Wall Street Journal. She is now retiring at the age of 82 . As the head of a retirement think tank, she said that one of her biggest regrets is that she and her husband didn’t get enough of their retirement savings moved into Roth IRAs. She shared they are now taking withdrawals from their pre-tax accounts and they are getting heavily taxed on these withdrawals. Don’t let this avoidable situation happen to you!

In this installment of my The Truth About Taxes series, I want to emphasize Required Minimum Distributions (RMDs). Many people are unaware of the tax risk road they are traveling with deferring their taxes with IRAs. At Tuesday’s webinar, I’m going to be teaching strategies and concepts that have track records of measurable results. These concepts and solutions will help you to avoid having to pay unnecessary taxes. But first, I want you to discover your tax risk road. To do this, use our free resource located at RetirementTaxCalculator.com.

When you use the retirement tax calculator, be sure to use a realistic tax rate and put in the total of all of your IRAs and 401(k)s. When you run the calculation, you will see how much exposure you will have to taxes over the course of your retirement. Depending on your age, how much you’ve saved, your growth rate and how high taxes go, the number you will see will likely startle you. The rule of thumb is that the amount you pay in taxes over the course of your retirement will be one to three times more than whatever amount you have saved for your retirement! If you still want to save taxes this year, there are things you can do but you must hurry. Time is running out.

Learn More About How To Reduce or Avoid Captial Gains Taxes

Whether you’re already drawing your RMDs or whether you’re just learning about the tax risk you could face, there are things you can do right now to avoid unnecessary taxes. Imagine, getting to zero on your taxes. Instead of having Uncle Sam in your assets and the IRS in your income, let me teach you how to remove your wealth from Washington. Register now for Tuesday’s webinar at RetirementProtected.com.

One of our best strategies is what I call the four times tax deduction. As the name suggests, a $100,000 investment will generate a $400,000 tax deduction. This deduction can help to offset an enormous amount of taxes and, in some cases, all the taxes that are normally due on sizable Roth conversions and other large, taxable events such as capital gains tax.

I also want to touch briefly on tax credits while they are still available and in circulation. Many clients (myself included) have used these credits to go back and recover taxes from past years. I recently spoke with a CPA who had a client that was facing an almost $500,000 federal tax bill. The CPA’s client was able to use tax credits to get back $500,000 in taxes for 2023.

Imagine, removing taxes and getting your IRAs away from the IRS. Act now to prevent the looming legislative retirement risk. Regardless of the outcome of the election, taxes will increase and Washington has already spelled out their agenda for trapping more people from saving taxes. Learn how to protect yourself by registering for Tuesday’s webinar at RetirementProtected.com. Learn the truth about taxes and the tax risk road that you are traveling.

Register now for this coming Tuesday’s no-cost, no-obligation webinar by following these four simple steps:

1. Go to www.RetirementProtected.com.
2. Select the webinar date/time you prefer.
3. Enter your information thoroughly – make sure to double check your email address.
4. Click “Reserve My Spot!”

Once you’ve registered, you’ll receive an email containing a personal access link to join Tuesday’s event.

Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.

Chuck Oliver
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!
www.TheHiddenWealthSolution.com