Tax Reduction Strategies for High Income Earners

Описание: Tax Reductions Strategies for High Income Earners
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Another tax reduction possibility is income deferral or acceleration, which has the ability to reduce your income, capital gains, and the Medicare 3.8% surtax. While deferral could help you compound savings and investments, current tax rates expire in 2025, which could cause a higher tax rate on deferred income.

When thinking of deferring your income, consider any non-qualified deferred compensation contributions, ask your employer to defer income until 2023, and look into deferring or accelerating any IRA withdrawals upon retirement.

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Income tax deferral may be an effective tax strategy for current tax year liability reduction. It can also compound returns quickly, sheltering income from current taxation. Tax-deferred investment vehicles you may want to consider are qualified retirement plans, 529 plans for education, and cash-value life insurance.

Other things to consider when developing your high-income tax strategy are converting IRAs into a ROTH IRA, purchasing tax-exempt bonds, restructuring your business entity, investing HSA contributions, investing in tax-efficient index mutual funds, managing large gains, and bundling 529 plan contributions.

Filing taxes as a high-income earner can be overwhelming and worrisome.

Disclosure: Covenant Wealth Advisors is a registered investment adviser. The information presented in this video is developed from sources believed to be providing accurate information and is for educational purposes only. This content should not be considered investment, tax, legal, or financial planning advice, nor a solicitation for the purchase or sale of any security. The information provided is not intended to be used for the purpose of avoiding federal tax penalties. Because we don't know your individual circumstances, this general information may not apply to your situation. Before making any financial decisions, consult with a qualified financial advisor, CPA, attorney, or other appropriate professional who can evaluate your specific needs. Investing involves risk, including the potential loss of principal. Past performance does not guarantee future results, and no investment strategy can guarantee a profit or protect against loss in periods of declining values. For more information about our firm, including our services and fees, please visit our website or review our Form ADV, available at adviserinfo.sec.gov.