Financial Advisor Tax Planning

Rising taxes can cause anyone who is approaching retirement age to panic. Planning ahead of time for annual tax time can save you money and reduce your stress level during the new year. Purchasing tax-deferred vehicles, for example, allows you to compound your interest while also avoiding taxes. Deferring payouts until retirement may lower your tax bracket and simultaneously save you dollars. If you want to minimize your taxes to increase your bottom line, speak with us.

Tax Planning Service in Grand Rapids MI

Are income tax considerations important to build and retain wealth?  What will your income tax rate be during your retirement? Does it make a difference what type of investments you use?  Should you draw on your pre-tax or after-tax investments first?  Does your age impact the income taxes you pay in Michigan?  These are important questions that a qualified income tax planning service can help answer.  Whether you are seeking an income tax planning service in Grand Rapids MI or business tax planning for sole proprietorship firm we at Integrated Financial Services, Inc. can assist you.  We work with some of West Michigan’s leading Certified Public Accountants (CPAs) tax planning law firms who employ some of the best tax attorneys and IRS enrolled agents in the country.  They each have unlimited practice rights before then IRS.

Tax Planning in Grand Rapids Mi
Tax Planning in Grand Rapids Mi

The United States has a progressive income tax system.  This means that the higher your income, the higher the percentage of tax that you pay.  As your income and wealth increases tax planning becomes increasingly more important.  Income taxes should be considered to be a controllable expense.  Not all income is taxed the same way.  By carefully positioning your assets to take advantage of  favorable provisions of the Internal Revenue Service Code, you can legally minimize the amount of your income that’s taxable.  By using established tax planning strategies, you can significantly reduce the taxes you pay on a federal, state and local level.  Strategies include methods of coordinating your withdrawals and allowing for the magic tax-free and tax-deferred compounding to build your wealth.  Why not utilize the services of an investment tax advisor who can develop a personal tax planning service for you in Grand Rapids MI? 

 Half of taxpayers pay 97% of all income taxes.  The top 1% of filers (roughly $540,000 or more) paid 40% of all federal income taxes;  The top 10% of filers (those with $152,000 and up) bore 71% of the total tax burden.  Note; the bottom 50% of filers paid 3% of the total income tax bill.  Source:  IRS data for 2018, (the most recent year available).

Tax Planning in Grand Rapids Mi

Today’s top individual federal income tax rate of 37% is historically low (it was 90% during the 1960s).  However, it’s scheduled to increase in the future.  In 2025, the “Tax Cuts and Jobs Act” expires, the top rate will return to 39.6%.  While some take comfort in the current administration’s promise that families making less than $400,000 will not see their taxes increased, many financial analysts expect overall tax rates to significantly increase in the future on virtually all Americans.  These additional taxes will be needed to pay for the vast expansion of the federal government and to reduce the enormous deficits the government is currently and projected to experience.  Using a qualified financial advisor tax planning firm can help protect your income and wealth.

Investment Tax Advisor in Grand Rapids, Mi

A Team Approach for what you need

We choose our name “Integrated Financial Services” because we use a “team approach” that brings together individuals whose professional experience, degrees, licenses, and certifications deliver the services needed by our clients.  We can assist in a wide variety of tax planning needs so if you’re doing online searches for the following we can help: income tax planning service; tax planning service in grand rapids mi; investment tax advisor; financial advisor tax planning; tax planning for sole proprietorship firm; tax planning law firm; tax attorneys.

Tax Advisors in Grand Rapids, MI

Not everyone needs a tax planning law firm or the services of an experienced tax attorney.  However, almost everyone could benefit from having their own investment tax advisor.  Income tax considerations can also be a major factor when designing a portfolio.  Funds invested in IRAs or other tax qualified accounts (401(k)s, etc.) typically do not result in current taxes from trades within the account.  These types of accounts are taxable when they are withdrawn (with Roth IRAs they can be withdrawn income tax free).  However, in taxable brokerage accounts, income tax rules can be VERY important.  Example:  A novice Robinhood investor recently learned this fact the hard way.  In the course  of a year, one man day-traded the same securities over and over and was able to increase the market value of his taxable brokerage account by approximately $40,000 in one year.  Unfortunately, he was unaware of the “wash sale rules” where losses of the same or similar security traded within 30 days are not deductible.  So, his winning trades were taxable, and his losing trades could not be used to offset his gains, resulting in an income tax liability of $800,000!  Utilizing the expertise of an investment tax advisor could have made a major difference!

Contact Integrated Financial Services, Inc. today at (616) 942-9080, for your free consultation to see if we can help you build a better financial future.

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