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With recent news coming out about President Trump’s tax return filings, many wonder how those who have earned large sums of money are able to mitigate their tax burden. Independent financial planning advisor Jordan Schwartz of Strategic Wealth Designers joined the newscast to share his tax tips for everyday viewers on how they can help their tax situation. He says there is a sale going on right now with taxes and the wise will take advantage of the lower rates.
“Historically, taxes are at a very low spot right now. In the 40’s, the highest tax bracket actually was sitting at 94%,” De Lessio says. “I don’t think we will have to go back to that level of taxation but I believe that we are going to see the tax rates rise, especially after the spending due to the pandemic. Tax-free in retirement is the best tax bracket of all. Take a second look at your investment structure to see if you can improve your tax situation.”
The spending deficit projects to be about $3.7 trillion dollars this year, over two times the previous record. Schwartz says the American tax payer had loaded up on the tax train and could be barreling off the tracks. He says there are ways to get away from taxmageden if you build the proper financial plan.
“We use the Strategic Wealth Freedom Conversion for many who have not hit the age of Required Minimum Distributions (72 years old). We are able to shift a lot of their assets to tax free strategies that last their lifetime,” Schwartz says. “A lot of people get caught up in their tax burden for just one year but our focus on your financial investments is for the duration of your life. When you are in or near retirement, you do not want to outlast your money so building a robust tax strategy is an important part of the financial plan.”