Maximize your tax efficiency
Tax planning involves analyzing your financial situation to minimize tax liability legally. Effective tax planning can save you thousands of dollars annually and help you keep more of your hard-earned money.
Tax planning should be year-round, not just during tax season.
Contributions reduce taxable income now, taxes paid on withdrawal.
Contributions taxed now, but withdrawals are tax-free in retirement.
Triple tax advantage: deductible contributions, tax-free growth, tax-free withdrawals for medical expenses.
Tax-advantaged savings for education expenses.
$14,600 (single) or $29,200 (married) for 2024 tax year.
Mortgage interest, charitable contributions, medical expenses (if above threshold).
Earned Income Tax Credit, Child Tax Credit, Education credits.
Defer income or accelerate deductions depending on your tax bracket.
Sell losing investments to offset capital gains.
Donate appreciated assets or use donor-advised funds for tax benefits.
Maximize contributions to reduce taxable income.