Smart Tax Strategies That Support Your Financial Plan
Taxes can affect many of the financial decisions you make throughout your life—from investing and saving for retirement to taking income, giving to charity and planning for your estate.
At Ascend Financial Partners, we help individuals and families throughout Northeast Ohio consider tax implications as part of a broader financial strategy. Rather than looking at taxes only when it's time to file, we believe tax considerations can be part of the conversations you have throughout the year.
Our goal is to help you understand how financial decisions and tax considerations can work together as part of your overall plan.
What Does Tax Planning Mean for Your Financial Plan?
Tax planning is about looking ahead.
A financial decision that makes sense in one tax year may have different implications in another. Your income, investments, retirement accounts, charitable giving, estate plans and other financial decisions can all intersect with your tax situation.
We can help you consider questions such as:
- How could taxes affect retirement income?
- How might investment decisions affect your tax situation?
- What role could tax-deferred or tax-advantaged accounts play in your overall strategy?
- How should taxes be considered when taking retirement distributions?
- How might charitable giving fit into a broader tax and estate strategy?
Questions We Help You Consider
Every individual's situation is different. Some of the questions we may explore include:
- What could your tax picture look like as you transition into retirement?
- How might different sources of income affect your overall plan?
- Should tax considerations play a role in when and how you access retirement assets?
- How could a major financial decision affect your current or future tax situation?
- When should your financial advisor coordinate with your CPA or tax professional?
A Proactive Approach to Tax Planning
Tax planning isn't simply about trying to reduce a tax bill. It's about understanding the potential tax implications of financial decisions before those decisions are made.
Ascend takes a comprehensive view of your financial picture and can work alongside your existing tax professionals when appropriate. By bringing financial planning and tax considerations into the same conversation, you can make decisions with a clearer understanding of how they may fit into your broader goals.
How Tax Planning Fits Into Your Financial Plan
Tax considerations can connect with nearly every other area of financial planning.
Retirement Planning
Tax considerations can be important when evaluating retirement income and distribution strategies.
Portfolio Management
Your investment strategy and the tax treatment of different accounts and investments can be considered together.
Charitable Giving
Your giving strategy can be coordinated with your broader financial and estate planning.
Estate Strategies
Tax considerations may also be part of conversations surrounding wealth transfer and legacy planning.
Tax Planning for Northeast Ohio Families
Ascend Financial Partners works with individuals and families throughout Northeast Ohio, including Akron, Summit County and surrounding communities. We take the time to understand the individual circumstances behind your financial decisions rather than relying on a one-size-fits-all approach.
Frequently Asked Questions
Is tax planning the same as preparing my tax return?
- No. Tax preparation generally focuses on reporting your financial activity for a particular tax year. Tax planning looks ahead at how financial decisions may affect your tax situation. Ascend can work alongside your tax professional as part of your broader financial planning process.
Can tax planning be useful before retirement?
- Yes. The years leading up to retirement can involve important decisions about income, investments and retirement accounts. Considering potential tax implications ahead of time can help you make more informed decisions.
Does Ascend provide tax advice?
- Ascend can incorporate tax considerations into financial planning, but the site's disclosures note that specific tax advice should be obtained from a qualified tax professional. Ascend can coordinate with your existing tax professionals when appropriate.
How can taxes affect retirement planning?
- Taxes can affect how much income you ultimately have available from different sources. Retirement planning can consider the timing and coordination of various income and withdrawal sources.
When should I begin thinking about tax planning?
- Tax considerations can be relevant throughout the year, particularly when you are considering significant financial decisions.