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Amidst the impact of the coronavirus and the uncertainty of the volatile markets, there are things you can do while you’re quarantining yourself. This time can be used to think about your thinking. There are actually things that you can do to predictably save taxes.
As one client recently said, “What I like about the Saving Tax Optimization Plan analysis is that it teaches how you can actually have a return on tax.”Just this last week, we saw the absolute worst in politics as the Senate was delayed in passing the coronavirus crisis bill. There were a lot of unrelated political initiatives that the Democrats tried to insert into the bill. These initiatives had absolutely nothing to do with protecting American workers or keeping American industry from falling off of the cliff.
It very clear that, when we get the wrong people in charge, they will ask for things that aren’t fair. A great example of this is when Congress changed the rules on inherited IRAs when they passed the SECURE Act in late 2019. Now, we’re spending $6 trillion to get our country through the coronavirus crisis. Before the crisis even started, taxes were going to have to go up. People were already concerned about the amount of tax which they were paying.
Some clients are concerned because they are hearing from their parents how bad taxes are in retirement. Lori, from Arizona, says that 85% of her Social Security is already being taxed. She’s really worried about how much tax she’ll be paying when she turns 72 and has to start taking Required Minimum Distributions (RMDs).
Whether you’re trying to get to retirement or get through retirement, if the majority of your savings are in 401(k)s and IRAs, you’re sitting on a ticking tax time bomb. There are things you can do to get a predictable return on your tax.
Last week, a client told me that saving 24% in tax was different for him because he gets to keep that money. Compare that to the 24% he made in the stock market last year. The market took back that 24% (and more) in just the last few weeks.
Now that the tax filing date has been pushed out to July 15th, learn what you can do to save your money in 2020. Go to TaxesSaved.com and request a Saving Tax Optimization Plan (S.T.O.P.) analysis. Don’t worry there’s no sales pitch and there’s no high-pressure sales tactics. The S.T.O.P. analysis will show you the tax road you’re on, compared to the tax-savings road you could be taking.
Imagine, more financial security and more time with family by simply removing unnecessary taxes. The average retiree couple saves an average of over $18,000 per year and the average business owner saves more than $31,000 per year! If there was a time to save tax money, it’s under Donald Trump in 2020.
P.S. You’ve worked hard for your money, we will work even harder to protect it from unnecessary taxes!