Episode 2: Smart Year-End
Tax Planning
Steve Reder, Managing Director, Wealth Management and Andrew Busa, Director of Financial Planning
From making the most of tax-advantaged savings accounts to donating to charity, there are many opportunities to plan before year-end and potentially preserve more of your wealth. Steve Reder and Andrew Busa share strategic moves to consider before the end of the year.
Personal tax rates are probably going in one direction: Up.
Cash balance plans
Employer-sponsored retirement plans, such as cash balance plans, allow substantial pretax contributions with long-term benefits.4 If you’re a business owner, contributing significantly to a cash balance plan can reduce your current taxable income, potentially moving you to a lower tax bracket and increasing your net cash flow. By maximizing contributions to this plan, you not only save for retirement aggressively but also benefit from immediate tax deductions.
Think of the current estate tax breaks as a limited-time offer.
Think of the current estate tax breaks as a limited-time offer.
The current tax code has an expiration date, and the sunset is approaching faster than a filibuster in a contentious Senate debate.
Disclosures:
This material is for informational purposes only. All investments carry risk of loss. Tax, legal and insurance information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. Always consult with a professional before taking specific action.
Data and statistics contained in this report are obtained from what we believe to be reliable sources; however, their accuracy, completeness or reliability cannot be guaranteed.
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