Income Tax Reduction Ideas
Supreme Court Justice Oliver Wendell Holmes Jr. famously said, “Taxes are the price we pay for civilization. I like to pay taxes. With them I buy civilization.” On the one hand, we agree with the spirit of the quote. Responsible taxation is the bedrock of a society that functions for everybody. On the other hand, we don’t particularly like paying taxes.
While we recognize that it’s important to do our part, we also know that every dollar counts and that it pays to take advantage of every means possible to minimize your tax burden and maximize your income. This is never truer then when you’re approaching retirement age or if you’ve already retired.
At Thorson Financial Estate Management, one of the most common questions we’re asked is, “Will I run out of money during retirement?” Considering that the average person lives 20-30 years past retirement age, due to current life expectancies, one of our primary goals is to ensure that you’re compliant with tax laws and regulations, while still ensuring that you don’t overpay.
We focus on the key areas of tax planning, long-term care risk management, estate planning, and investment management. Since your financial needs are as unique as you are, we’ll create strategies tailored to your specific needs for both the long and short-term. For more information or to schedule a consultation, contact us online or by phone today.