Essential Restaurant Accounting Practices for Thriving Restaurants
Given the thin profit margins and high failure rate of the restaurant industry, an owner needs to harness every available resource to build and...
3 min read
Stephen Ahern
:
Feb 05, 2022
As we move into tax season and everyone starts scheduling their annual sit-down with their advisors, tax planning for retirement needs to be part of the conversation. That’s true even for workers who are years away from retirement. Crafting multi-year plans allows you to grow your retirement savings in the most tax-advantaged ways possible. And it can be a big weight off your shoulders to leave your annual tax meeting with your financial planners knowing that your tax and retirement plans are in good shape.
Like other elements of financial planning, tax planning around retirement is highly individualized. There’s a great deal of complex calculus that goes into determining whether a particular strategy is advisable for an investor’s specific needs. This is why it’s a good idea to work with financial advisors with deep tax knowledge, who can explain the big-picture implications of various decisions and provide tax-advantaged guidance.
While retirement tax planning is individualized, there are a few common subjects that advisors and investors tend to speak about. Elements that might be part of the conversation include:
Because your savings and investment decisions always overlap with tax planning, it’s important to work with CPAs and other financial advisors who have strong tax knowledge. They can help you understand the long-term implications of any decisions you make around investments, taxes and retirement. You wouldn’t jump into a body of water without knowing what’s under the surface, and you shouldn’t jump into an attractive investment opportunity without knowing what kind of taxes you’re opening yourself up to.
The financial advisors and CPAs at Sachetta, LLC always put a tax overlay on the investment management guidance we provide our clients. We examine the pros, cons and possible tax outcomes of every move our clients consider, helping them make decisions that support both their investment goals and retirement plans. And we make the process as easy and pleasant as possible. As we look forward to another busy tax season, contact me today.
Stephen P. Ahern, CPA/PFS, CFP®, AEP®, MST
Stephen is a licensed Certified Public Accountant (CPA), a Certified Financial Planner™ practitioner (CFP®) and has been designated a Personal Financial Specialist (PFS) by the American Institute of Certified Public Accountants. He has achieved the Accredited Estate Planner® (AEP®) designation from the National Association of Estate Planners & Councils (NAEPC) and is a Registered Financial “Fee-Only” Advisor with the National Association of Personal Financial Advisors (NAPFA). Stephen also earned a Master of Science degree in Taxation (MST) from Bentley University and completed graduate studies in the Program for Financial Planners at Boston University. He provides individual financial, investment, estate and tax planning and small business consulting to a diverse base of clients including key top-level executives, high-net-worth individuals, business owners, venture capitalists, and entrepreneurs.
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