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Tax Planning Strategies

Understand How Tax Planning Impacts Your Wealth

As the saying goes, taxes are one of the only inevitable things in life—and yet, many people fail to plan for them properly. If you’re like most taxpayers, you probably file your return each year, pay what you owe, and don’t think much more about it. But proper tax planning can actually have an enormous impact on your wealth and long-term finances.

The experts at Bull & Bear Wealth Management have decades of experience in planning for taxes and helping individuals and businesses alike make smart financial decisions to reduce their tax liability. Ultimately, professional tax planning can save you thousands of dollars in taxes every year.

Tax Planning for Individuals

Many individuals underrate the value of tax planning and end up paying far more in taxes than they need to. This can end up costing you tens of thousands of dollars over the years, and you may not even know it. We can sit down with you and help you to better plan for your taxes by determining how you can reduce your overall tax liability. Suggestions may include:

  • Additional contributions to retirement accounts
  • Bunching charitable contributions and other deductions
  • Properly timing the purchase and sale of stocks
  • Using planned giving to reduce estate taxes
  • And more, based on your unique financial situation

We can also help you to better understand how your retirement income may be taxed, and provide guidance on when to withdraw from retirement accounts, when to take Social Security income, and other vital financial decisions. For many retirees on a fixed income, understanding how their income is taxed can be the difference between falling financially short or making ends meet each month.

If you’re concerned about your retirement income, click the button below to learn more about getting assistance with retirement income strategies.

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Tax Planning for Businesses

Many small business owners don’t understand the complexity of business taxes as compared to individual tax returns. While we’re not tax preparers, we can sit down with you and discuss your business’s finances, how business taxes differ from individual taxes, and what you can do to reduce the tax liability of your business.

If you need more comprehensive financial planning assistance for your growing business, learn more about our business planning services at the link below.

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For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.  |  (602) 284-0908