Tax Planning
At Steadfast we believe in reducing your lifetime of tax. Your lifetime of income tax, capital gains, state income tax, and estate/gift taxes. Sometimes that means paying more this year to pay much less in future years or vice versa, everyone’s unique situation is different. Also, tax law changes constantly. Having a partner with a long-term view of your tax situation is invaluable to helping you keep your hard earned money.
We are not tax preparers, we do not prepare your tax return. We coordinate with your tax professional to make sure everyone is on the same page, a long term view is established, and no documents are going unfiled.
Most folks are familiar with the ways to reduce your taxes today:
- Contribute to your pre-tax retirement plan
- Charitable/church giving
- Maximize your HSA, FSA plan at work
But few are familiar with the benefits of increasing your taxes today to save MUCH more in the future:
- Contributing to your Roth 401k or IRA
- Converting a portion of your pre-tax 401k/IRA to Roth
- Taking the standard deduction this year in order to stack next years deductions for a higher itemized deduction write off
- File as an S-Corp to reduce self-employment taxes
- Be aware of cliffs and limits to reduce your medicare premiums, taxability of your social security benefits, reduce RMDs in retirement, reducing your taxable income to stay in the 0% capital gains tax bracket
- Gifting to others appropriate assets to reduce overall capital gains
- Having a strategy to avoid estate tax at death
