Tax Planning

Making sure your retirement income isn’t consumed by taxes is something that should be considered when developing your financial strategy.
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The Importance of Effective Tax Planning

At Voyage Retirement Solutions, we have partnered with Randy Hughes of Counting Pennies, LLC, to provide both Tax Preparation and Tax Planning services. You may be asking yourself, “What’s the difference?” Let us explain...

The Problem

Imagine having to walk to the store, which is about 5 minutes away. You’re in a hurry, so you decide not to grab your raincoat and umbrella so you can “save time”. You leave and come back soaked. Now, the time it takes you to clean up and change takes longer than it would have to grab the raincoat and umbrella.

Something similar happens when effective tax planning throughout the year is ignored. The time and effort that is sacrificed to “save time” throughout the year ends of costing more time--- and potentially more money--- at the end of the year, leaving the taxpayer soaked in tax debt that could have been avoided.

Tax Planning vs Tax Preparation

Tax planning and tax preparation are not the same. The reality is, there are a myriad of ways to prepare a tax return. A common misstep is preparing one’s own taxes to “save money”. Further, annually shuffling a box of receipts and invoices to a tax preparer and crossing one’s fingers may not be the most conducive way to stay on top of tax planning concepts and potential deductions. It could be in the interest of the taxplayer to keep the information stream constant throughout the year, potentially saving some time and money. Unfortunately, though, unfamiliarity with tax code, deductions, credits, and timing can often render the hopeful recipient with a smaller tax refund or larger tax balance due at tax time.

Effective Tax Planning

Effective tax planning involves a conscious and deliberate look at one’s financial situation during the year and, if possible, making adjustments and decisions that will result in a more favorable tax outcome by year’s end. And many times, timing and knowledge of tax law can make all the difference between a taxpayer owing the government money or the government owing the taxpayer money. For example, deferring the receipt of income by a few days, choosing which house to live in once married, selling a home too soon or too late, changing one’s withholdings with their employer...all can have serious tax implications.

Subject to income taxes 59 1/2

The Solution

Here at Voyage Retirement Solutions, we believe in the importance of effective tax planning. We have partnered with Counting Pennies, LLC to be able to work with you, not only during the preparation of your return, but also prior to its preparation with effective tax planning. We will provide you with tips on tax savings and show you ways to improve or maintain the level of organization needed to yield the results that make sense for your individual tax situation. We will discuss certain tax-deferred vehicles, such as fixed annuities, that can provide the opportunity for your money to accumulate interest while being free from income taxes until you begin receiving withdrawals or income during your retirement. Further, new clients receive a complementary review of the previous year’s tax return.

Contact us today to set a review one of our Tax Professionals!

Tax services and advice are provided by qualified tax advisors through Counting Pennies, all other representatives at Voyage Retirement Solutions do not provide legal or tax advice. We are not affiliated with the U.S. government or any governmental agency.

Strategies for Financial Independence

To schedule a time to discuss your financial future and the possible role of insurance or investments in your financial strategy, contact us at info@voyageretirement.com or call us at 407-284-4911 today!

We are an independent financial services firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

HAVE QUESTIONS FOR A VOYAGE RETIREMENT AGENT?

It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.

At Voyage Retirement Solutions, we offer you the following services:

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Fixed Annuities

Wealth Accumulation

Asset Protection

Life Insurance

Retirement Income Strategies

Tax Planning Services

Long Term Care

IRA

403b/457

We can also refer you to professionals who provide the following services:

» Trusts » Probate » Charitable Giving » Estate Planning » Tax Planning

Get access to our helpful retirement kit which includes two guides that address topics you should consider when planning your retirement.

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Securities offered through GWN Securities, Inc. Member FINRA/SIPC. 11440 N Jog Road, Palm Beach Gardens, FL 33418. (561)472-2700. Voyage Retirement Solutions, LLC and GWN Securities, Inc.are non-affiliated companies.

Voyage Retirement Solutions and its representatives do not represent, nor are they affiliated with the Florida Retirement System (FRS).

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The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.