Tax Planning

Making dollars and sense requires proactive strategies

Things as Certain as Death and Taxes…

Planning for the future is important. Whether you quote Benjamin Franklin or Uncle Sam, death and taxes are inevitable things we will all have to face. This is especially true for investors and retirees who have already deferred taxes (like in retirement plans or IRAs). About 60 million Americans have over $7 trillion of investments combined held in 401(k) retirement plans, and most of this money is held tax deferred.

Typically accountants, tax preparers, or CPAs are used to file tax returns, hopefully minimizing the amount of tax you have to pay on various types of income you saw in the last year. But our clients can rely on their advisors to watch for the details and make moves to minimize taxable income overall before it hits their returns by proactively coordinating tax planning & investment planning. Cardinal Retirement Planning, Inc. works directly with tax professionals, prepares draft returns for review, and can project future tax returns based on your goals and objectives. Your right hand needs to know what your left hand is doing.

Tax Forms

Not All Income is Taxed the Same

  • Federal capital gains tax rates can be 0%, even up to $83,500 of income (for a married couple filing jointly in 2022)
  • Between 0% and 85% of Social Security can be received free of federal income taxes
  • States treat income differently from the federal government and each other, sometimes taxing capital gains more than the IRS or not taxing Social Security at all

Let Us Do The Work.

Prepare for IRMAAs

Navigating all the details of retirement is a full-time job.

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