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  • Mark Kanakaris

Avoid "I Should Have..." With Proactive Tax Planning


Many times during a person’s financial planning life, they look back with regret.

“I should have sold my stock portfolio the week before.”

“I should have bought that stock that is now at a billion.”

“My buddy told me to buy X and I didn’t.”

“I should have bought long-term care insurance.”

Etc, etc, the list goes on and on.

But people don’t seem to have the same regret over tax planning errors or things they could have done strategically to lessen their taxes. And in most cases it’s the easiest thing for them to do.

These are the things that are going to have a more predictable outcome versus speculative things. You could retroactively wish that you had bought Disney when it was at 34, now that it’s at 65, but all you’re doing is dreaming about being a better guesser.

With the tax code, it’s cut and dry.

There are things that you can do right now that you absolutely know the total result of after they’re accomplished. They provide real savings all the time.

For instance, if you have a lower income, don’t contribute to your company’s 401k with pretax dollars. If you’re in the 15% bracket or lower, you’re smarter to take advantage of the company’s Roth 401k, not avoid the tax now, but take the match in a place where the growth will be free forever of tax and then let it grow a lifetime. Later in your life when you’re in the 25% or higher tax bracket, you’ll enjoy a large portfolio of tax free cash to tap into.

These are the kinds of regrets that we can help you avoid because our tax office does proactive tax planning. It’s Spring, and it’s time to plant tax planning strategies and let them grow, just like you’re planting bulbs in your garden.

Call me, email me or come in and I'll show you at least one tax strategy that you would agree would be good for you to execute. Guaranteed.

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