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2021 Tax Minimization Guide

2021 Tax Minimization Guide

Prepare your retirement for possible higher tax brackets

If taxes go up, will you be ready?

 

With national debt growing and taxes at a relatively low rate, it seems like it is only a matter of time before they go back up. If/when they do, could you afford to take the hit?

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Minimize taxes now or pay more later

In retirement, you’re finally free to choose how you spend your time. Do you want to spend it studying the markets and the newest tax legislation?

Deciding to retire is scary enough, but doing so without a plan to get you to and through retirement may result in taxation pitfalls that could have been avoided. 

You’ve worked your whole life and gotten comfortable and knowledgeable with your current tax environment. Then retirement comes along, and the environment changes. With the changes comes a new set of rules.

To complicate things even further, changes in government regimes may also impact tax legislation. We often fear what we don’t understand, and our fears can hold us back from unlocking our retirement.

That is why I wrote our “2021 Tax Guide”… to help you prepare for taxes in retirement. 

Within the Guide, you’ll discover:

  • New tax changes to be aware of (Pg 2)
  • How to get more assets in tax-free accounts (Pg 3)
  • Find unnecessary taxes in your investments (Pg 7)
  • And more...

The big takeaway I hope you can get is the answer to the fundamental question, “How could tax reform impact my retirement?” and ”How can I proactively get my retirement to pay the least amount of taxes.”

FAQs

What is the national debt today?

It is constantly going up. Click here to check out the debt clock

For context, at the end of the year 2000, the debt was around 5.6 trillion. 

How much could taxes go up in the future?

No one can predict the future, which makes things scarier. In our opinion, the best way to plan is to run different scenarios and allow yourself to determine if you could live with that hypothetical outcome or if action needs to be taken today. 

Is this book a sales pitch?

The book is intended to give clear application on what to do whether you speak with us, another financial professional, or attempt it yourself.

We highly encourage everyone to work with a professional when planning retirement, especially when it comes to taxes.

At the end, you will be invited to have a 30 min call so we can answer any remaining questions you may have. It is up to you to decide if you want to take us up on the offer or not. We respect your decision either way. 

Are the advisors at BA Schrock CPAs

Nope.

We typically work with your CPA as a team.

We are good at investments. Your CPA is good at tax law.

Together, we make recommendations on how to help you plan for the retirement you want (with the least amount of tax burdens possible).