Good Financial Reads: Advice for Minimizing Your Taxes (Part Two)

2 min read
March 11, 2022

advice for minimizing your taxes-2

Tax Loss Harvesting for Taxable Accounts

by Scott Monk, Charis Legacy Partners

In previous blog posts, I’ve discussed various tax-advantaged accounts that can help you build your legacy, both for charitable giving purposes and to pass along to heirs. But what if you’ve maxed out these savings vehicles and still have discretionary income you wish to save? In this case, you may find yourself making more contributions to a regular, taxable (non-tax advantaged) brokerage account.

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How Roth Conversions Can Help You, Your Surviving Spouse, And Your Heirs

by Philip Weiss, Apprise Wealth Management

Whenever I have an initial conversation with a potential new client, I mention my view that taxes and investing are “joined at the hip.” By this, I mean taxes are an important consideration in our personal finance decisions. Investment-related decisions have tax consequences. We don’t want to let the “tax tail wag the dog,” but we don’t want to ignore taxes either. They’re important. Reducing our tax bill can save us money today or leave us with more money to spend in the future. In today’s blog, we discuss some benefits of Roth IRAs.

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Level Your Income to Minimize Your Taxes

by Joe Morgan, Best Financial Life

Our tax structure is progressive which means the more you make then the more as a percentage that you will pay in tax.

For example, if you are married and make $400,000 after deductions, you are in the 32 percent marginal tax bracket. This means if you make an extra dollar you will have to pay 32 cents in tax on that extra dollar. You did not pay 32 cents on the first dollar you made because the first bracket starts at 10%. So, instead, you paid 10 cents of tax on the first dollar you made all the way up to about the first 20,000 dollars.

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Consider Taxes When Making Withdrawals

by Joe Morgan, Best Financial Life

I know that might sound odd as we tend to save throughout our working life and even sometimes well into our retirement years. But there will be times you need to withdraw your savings and it’s important to consider the tax implications.

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Should You Make an S Corporation Election? Everything You Need To Know

by Dan Ritter Jr. and Alli Whittle, XY Tax Solutions

As a small business owner, you’ve probably heard a little buzz around what the tax classification S Corporation (S Corp) could do for you and your business entity. There are certainly some benefits to consider when making the decision whether to elect S Corp tax status for your business entity. From no double taxation to the ease of ownership transfer, let’s discuss these potential benefits and whether an S Corp election may be in your best interest.

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For more advice on minimizing taxes, be sure to check out:

Good Financial Reads: Advice for Minimizing Your Taxes (Part One)

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