Tax Planning

It’s said that only two things are certain in life: Death…and Taxes! And while there’s not much you can do to avoid the former, with prudent planning and foresight, there’s a lot you can do to minimize the latter. However, similar to planning that goes into living a happy and fruitful life, a well-planned tax strategy can yield benefits – but only if done professionally and earlier during your wealth accumulation cycle.  
Our Tax Planning philosophy is not centered around tax avoidance but instead on helping you structure your finances, so you and your family aren’t overburdened by undue tax liability.  

Why Tax Planning Is Important

Consider this fact: If you managed to shave off just $250 from your tax bill each year through prudent Tax Planning and invested it at a 5% rate of return annually, you could have a tidy sum of over $15,250 waiting for you by the time you retire in 30 years!

Delayed tax planning is tantamount to leaving potentially savable dollars, of your hard-earned money, on the tax table for others to benefit from. The longer you defer tax planning, the more money you’ll end up owing and paying in taxes. That money could potentially have been saved, through a reduced tax bill, invested, and grown, through compounding, over many years.

What Can We Do For You

We help our clients through long-term Tax Planning strategies –exactly how we’ll help you. Tax planning does not commence on the date of filing your tax returns. Prudent tax planning often starts long before – sometimes even before you make investment decisions that trigger a tax liability. We can help devise tax planning strategies that aim to minimize taxes, maximize tax refunds and guide you to optimize your tax-friendly investment returns.

Here’s what we can do for you through our Tax Planning service:

  • While the best advice you can get is: Save. Save. Save…as much as you can. The next best advice is: Be careful how you invest those savings. Our Tax Planning advice will include considerations on whether you should invest with pre-tax dollars or post-tax income. How you invest and what types of vehicles can significantly affect the taxes you pay. Fortis Financial Group can help you navigate through the various advantages and disadvantages of choosing one strategy over another
  • When planning for tax impact on your income, we’ll also plan for the types of income you might receive: Dividends, Interest, Annuity payments, Capital Gains, inheritance, Employer or Government benefits. While all of these are potential income streams in retirement and before, each has different tax planning implications  
  • We can help you foresee impacts on your future net wealth. If left unplanned, your net wealth could be diminished due to likely claw-backs to benefits, and the possibility of erosion to your estate through substantial taxes
  • Along with your tax advisor, we’ll help you mitigate possible tax impacts on your estate. A good tax plan will ensure that future generations do not bear the burden of taxes due to the legacy you leave them.

Fortis Financial Group and LPL Financial do not provide legal advice or tax services. This information is not intended as authoritative guidance or tax or legal advice. Please consult your legal advisor or tax advisor regarding your specific situation.