Month: May 2020
Strategies to Help Maximize Income and Minimize Taxes
We’re all going through a situation with no precedent right now, and it can feel challenging to take any action. But, we believe that there are some important tax strategies that can help you navigate during these challenging times that may not only help you weather the current storm but set you up for success down the road. One strategy we recommend for our clients is tax-loss harvesting, which involves selling an investment that has lost value, replacing it with similar investment, and then using the investment sold at a loss to offset any realized gains. This can help investors minimize any taxes they may owe on capital gains or their regular income. It can also improve overall investment returns. This strategy, however, can only be applied to taxable investment accounts, including retirement accounts like IRAs and 401(k). Another strategy can be a Roth conversion. Converting retirement savings from pre-tax to Roth accounts has become less expensive for many investors because of the recent stock market selloff. According to CNBC a single taxpayer with a $1 million IRA would have paid about $41,000 less in tax to do a conversion after the market downturn than before it. However, it can be complicated, and may not be the right strategy for everyone. We recommend you take a hard look at your portfolio and your financial goals and then speak with a professional to help decide if this strategy is right for you. Keep in mind that this conversion means that
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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