Are You Giving the IRS a Tip On Your Executive Compensation? Proactive Tax Planning for High-Earning Professionals
If you are a well-paid senior manager or business owner, it is crucial to ensure you only pay your fair share of taxes. No more and no less. As Morgan Stanley noted, “You must pay taxes. But there’s no law that says you gotta leave a tip.” So, what are the best ways to achieve this?
Hi. I’m Chuck Lewandowski CERTIFIED FINANCIAL PLANNER ™ professional. As part of my financial planning practice, I focus on the positive impact that proper tax planning can have on your wealth. Working together with your tax advisor, we can make meaningful changes that can help you build wealth with tax efficiency.
Executive Perks Need Tax Attention
The tax code has an untold number of details that affect the well-paid executive. Stock compensation, retirement savings plans, and employee benefits all can be subject to taxes in some way. Each of these areas provides an opening for strategic planning.
Here are some examples of opportunities we can review and develop strategies for, which could significantly impact your taxes and enhance your family’s financial status.
Joan is a former health care executive that owns company stock in her 401k. She would like to rollover the 401k to an IRA but is that the most tax efficient way to manage that account?
Emmett and Maureen are married and are the sole employees in their company. They want to increase their contributions to their Roth accounts. Can they use their company retirement plan to increase their Roth holdings?
George has a large Health Savings Account that he would like to leave to his heirs. Who should he designate as beneficiaries?
Taxes Are Complicated – Even For a Genius
Albert Einstein once said, “The hardest thing in the world to understand is the income tax”. Many successful individuals struggle to grasp the nuances of tax impacts on their financial decisions. My financial planning process uses advanced software to analyze your tax return and identify opportunities tailored to you. This allows for informed discussions with your tax advisor about potential tax savings strategies.
Don’t Let Taxes Frustrate You
For many of us, the initial months of each year are dedicated to tax reporting, often generating a wide range of emotions. Mark Twain said he would never use “profanity except in discussing house rent and taxes”. Tax planning involves a proactive approach to managing one’s financial obligations to the IRS. When executed effectively, it can help reduce the likelihood of overpaying taxes and it just might reduce your stress on April 15th.
If you believe that tax planning might benefit you, please give me a call and Let’s Make a Plan!
Advisory Services offered through Lincoln Investment or Capital Analysts, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker Dealer, Member FINRA/SIPC. www.lincolninvestment.com West Coast Financial Group, Inc. and the above firms are independent, and non-affiliated. Tax services are not offered through, nor supervised by, The Lincoln Investment Companies. The hypothetical example used was for illustrative purposes only, and is not meant to represent the any specific individual. None of the information in this video should be considered as tax advice. You should consult your tax professional for information concerning your individual situation.