Tax Management Planning FAQ
At Westminster Wealth Management, we have you—and only you—in mind.
Is there a way to pay $0 of tax in a given year?
There are ways to limit the amount of taxes you will pay in any given year, however we believe in paying the least amount of tax over the life of a financial plan. Oftentimes, that means paying a smaller amount of taxes in a year that you might have been able to get away with paying 0.
How do I get the highest possible return?
We believe that making sure you have money in each of the referenced account types is a great idea moving into retirement. Having maximum flexibility with which type of funds are used to pay expenses is ideal.
When should I start thinking about Tax Planning?
Immediately! The sooner we start to create a tax plan, the more flexibility we will have.
One common concern that almost everyone shares is the impact of taxes on their retirement. While accumulating large balances in your qualified retirement accounts is certainly a great thing, some of that balance will go straight to the IRS via taxes.
Our goal is to create a plan surrounding taxes that will allow goals to be accomplished while paying only the required amount of taxes, and not more than needed. We can’t avoid taxes completely, but if we start to plan as early as possible, we can create a plan that will mitigate unnecessary tax.
Stocks, mutual funds and variable products are not suitable for all investors. Before making any purchases you should carefully read the prospectus and prospectuses for the underlying investment portfolio of variable products and other information about the investment company. In addition to carefully reviewing the prospectus you are advised to consider carefully the investment objectives, risks, charges and expenses of the investment before investing. A prospectus may be obtained by contacting Westminster Wealth Management or directly from the mutual fund, insurance company, or offering entity.