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Tax Planning

How We'll Work With You

In a rapidly evolving tax environment, it can be difficult to remain up to date on all regulatory issues. However, a tax planning mistake can cost thousands of dollars over time. At Keen Wealth Advisors, located in Overland Park, Kansas, our experienced professionals will work with you to help ensure that your tax strategy is operating in an effective manner, and that it is constantly updated as regulations and your personal situation evolve.

Our efficient tax strategy portfolios can be incorporated into your customized retirement plan in order to help you achieve your long-term goals.

Tax Planning vs. Tax Preparation

In most cases, your CPA uses all the year-end tax info you’ll be collecting from your employer and financial institutions.  What we’re talking about are having tax planning discussions that you need to have with your fiduciary advisor and CPA before December 31. These are adjustments to your portfolio and investments that could potentially influence the numbers that your CPA will be working with early next year.

We’re always happy to “quarterback” our clients’ tax planning and prep by coordinating with a CPA. And if you’re not currently working with a tax professional, we can help you find one.

It’s especially important you schedule a meeting this year so that we can analyze how the new tax laws could affect your tax picture.

Some Of The Tax Planning Things We Look For:

  • Both individuals and working couples should review their tax withholdings.
  • If you hit age 70 ½ prior to 2020, you need to take a required minimum distribution (RMD) from individual retirement accounts every year, including IRAs and former employer 401(k) accounts.  If you reached or will reach 70 ½ in 2020, RMDs are required to begin at age 72.
  • In addition to any year-end cash contributions you’re planning for causes and organizations close to your heart (up to $100,000 for an individual), you also have the option of making a qualified charitable distribution from your RMD.
  • In taxable investment accounts, it is important to review your holdings for potential tax-loss harvesting opportunities.
  • Having IRA conversations that fit your long-term financial goals. Unfortunately, as is the case with all the items discussed today, the IRS does not allow you to go back and make any money-saving adjustments that you may have missed once year-end deadlines have passed.

Why choose to work with Keen Wealth Advisors?

You have lots of options when it comes to selecting a wealth advisor. We believe Keen Wealth Advisors is different. Our firm was founded with a simple mission – to help clients achieve the retirement of their dreams. Everything we do is focused on achieving this mission. We call it The Keen Wealth AdvantageTM.

Learn more about The Keen Wealth Advantage™

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