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Could your financial strategy be more tax efficient?
Access Our Retirement Kit
Request our Retirement Kit that addresses several topics you should consider when planning your retirement.

Tax Services

Tax Services

To develop a financial strategy for your future, it's important for your financial professional to see a complete, 360-degree view of your financial picture, including how your retirement assets are integrated and work with one another. Our financial strategies use investment and insurance products to help you meet financial goals. We can work in concert with tax professionals or attorneys in your or our network to advise you on specific aspects of your financial strategy.

 

Tax-Efficient Strategies

If taxes rise in the future, will it cut into your retirement savings?

Rising taxes may be a concern for anyone — especially for individuals approaching retirement. Having a solid strategy in place for how you will pay taxes on your retirement income can be an important component to living on a fixed income and avoiding surprises come tax time.

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, without paying current income taxes, potentially allowing it to earn interest at a faster rate. Tax-deferred vehicles only allow you to defer paying income taxes until the money is withdrawn — presumably during retirement when you may be in a lower tax bracket. However, few financial vehicles avoid taxes altogether.

Because tax-deferred vehicles are generally designed to help individuals work toward specific long-term goals, there may be restrictions on when money can be withdrawn without penalty. Early withdrawals may be subject to charges and fees. Withdrawals prior to age 59 ½ may be subject to a 10 percent federal additional tax.


Charitable Giving

Creating a charitable gift giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets and the reduction or elimination of estate taxes on the charitable contribution upon your death.

With changes in the tax environment, there may be compelling reasons to integrate philanthropy into your financial and estate planning.


To schedule a time to discuss your financial future, contact us at myteam@bfandt.com or call us at 800.425.7044 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.

Your insurance professional is not permitted to offer, and no statement contained herein shall constitute tax, legal or investment advice. You should consult with a legal or tax professional on any such matters. For guidance on your securities holdings, please consult with a broker/dealer representative or registered investment advisor.

Investment advisory services are offered through Elevated Performance Investment Group LLC, a Registered Investment Advisor in the state of Michigan and North Carolina. Elevated Performance Investment Group LLC, Barnett Financial & Tax Charlotte LLC, and Barnett Financial & Tax are affiliated companies.

Meet Our Team Barnett Financial & Tax

At Barnett Financial & Tax (BFT), we are dedicated to providing individuals, families and businesses with quality financial products and services for the achievement of their goals and objectives. We are committed to serving clients by assisting them in the development of financial stewardship in their lives. Founded in 1990 we are an accredited member of Better Business Bureau.

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Investment advisory services are offered through Elevated Performance Investment Group LLC, a Registered Investment Advisor in the state of Michigan and North Carolina. Elevated Performance Investment Group LLC, Barnett Financial & Tax Charlotte LLC, and Barnett Financial & Tax Inc are affiliated companies.

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

By submitting your contact information, you consent to be contacted in the future regarding retirement income strategies that utilize insurance and investment products.

*Our firm provides links to third party articles in an effort to assist users in locating information on topics that might be of interest to them. Information presented has not been verified and is not guaranteed, nor can we attest to the accuracy of information provided. Linking to an article or web site does not constitute a representation of the services offered by our firm nor does it constitute an endorsement by Firm of the sponsors of the site or the products presented on the site. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.