2023 Tax Strategies for Investors

Summary notes:

In this episode Alison and Phillip provide tips for financial advisors to know for their clients and for clients to ask their financial advisor about. These tips include understanding the tax implications of any investment or strategy, keeping up with tax law changes, understanding the types of investments and deductions available, the advantages of using a Roth IRA for retirement planning, importance of setting up a 401(k) for business owners, and planning ahead for any changes in income. They also discuss the importance of keeping accurate records of income, investments, and deductions.

Around estate planning Alison and Phillip discussed the fact that retirees might want to understand the tax impact of their legacy money so that beneficiaries don't face any surprise tax bills upon receiving the inheritance.  The discussion brought in the idea of a backdoor Roth contribution and a few other ideas.  Lastly, the conversation discussed the idea of maximizing deductions by bunching charitable contributions into one year, with the donor advised fund being the suggested method for having the biggest impact on charities of choice.


Timestamps

0:01:43 Discussion on Converting Traditional IRA to Roth IRA

0:03:40 Exploring Tax Strategies for Retirement: A Conversation with a Financial Advisor

0:10:11 Charitable Giving Strategies for 2023

0:12:19 Maximizing the Gift: Utilizing an Irrevocable Trust to Provide Tax-Free Benefits to Your Children

0:14:09 Financial Planning Strategies for Leaving a Legacy

Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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