In this week’s Hidden Wealth Review, I teach that investors may be in for a future tax surprise. I recently read an article that highlighted the indirect taxes that people are paying on non-IRA accounts. These hidden taxes are causing many people to be taxed to the max.
For example, we’re working with a couple and we’ve been able to save them a lot of tax. Due to the turnover of their portfolio positions in 2018, their capital gains tax bill was $172,000! This was on top of losing about seven percent from their account that year.
This huge tax bill was caused by the short and long-term capital gains created by their fund managers buying and selling stocks in order to bolster their performance tack record. These fund managers have little regard for the tax liability that their actions create for the client.
Our clients believed that their huge tax bill was the result of some unusual market turmoil that happened right at the end of the year. Their thought was that things would be different in the future.
We are headed into what maybe the most contested presidential election many of us will see in our lifetimes. Accordingly, the stock market will become more volatile as the year progresses. If a decidedly anti-wealth, tax-and-spend Democrat is elected, this will stifle the markets even further.
Because of this year’s Trump-inspired market run up and all of the wheeling and dealing by fund managers, many people are going to receive a surprise tax bill at the end of the year. You can avoid this tax bill with proper strategic tax planning.
In addition to this year’s surprise stock market taxes, there may be other tax situations you are facing. If you don’t have a strategic tax plan but you still want to understand the impact of these taxes, then you need to schedule a meeting with us. If you’re curious to know what your retirement tax road looks like, compared to the tax road you could be traveling, we can help!
There’s no debate about a coming higher tax rate. Protect yourself now! Trump’s Tax Cuts and Jobs Act provides the best timing to pay the least money and eliminate the most tax that I have seen in my 25 year career.
We’ve created a very simple no-cost, no-obligation process for you to get a Saving Tax Optimization Plan (STOP). If you’re very focused and act now, you can get your plan in place. But, you must act now, there’s barely enough time to get your plan in place by the end of the year!
Simply go to TaxesSaved.com, enter the required information and submit the form to see if you qualify for our complimentary STOP analysis. But you must hurry, to save tax in 2019 you must act in 2019!
Just for submitting your information and requesting an analysis, you’ll receive a couple of great articles on why increasing taxes on the rich will slow the economy and harm most Americans.
2019 and 2020 are key years to save tax. Depending on the election outcome, 2021 may be the year that you see the highest tax rates that you will experience in your lifetime.
We are excited to announce our latest press release. Great things are happening at The Hidden Wealth Solution! Click here to read the full release.
Here’s to your Hidden Wealth,
Chuck Oliver
Best-Selling Author