Don't Let Taxes Take a Bite Out of Your Retirement.

For many, retirement means less income, but it doesn’t always mean less taxes. In fact, without a proactive plan, taxes can become one of your biggest expenses in retirement, eroding your savings and limiting your freedom. At Impact Financial, we specialize in creating personalized, tax-efficient strategies that help you keep more of the money you've earned and worked so hard to save.

Our goal is simple: to help you make smart financial decisions that minimize your lifetime tax bill, giving you more control over your income and a greater sense of security.

Tax-efficient planning

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*Specific individualized tax advice not provided. We suggest that you discuss your specific tax issues with a qualified tax advisor.

We believe that tax planning is an ongoing process, not a one-time event. We work with you and your tax professional to integrate tax-efficient strategies into every aspect of your financial plan. Our process includes:

  1. Tax-Conscious Investment Management: We manage your portfolio with an eye toward tax efficiency, using strategies like tax-loss harvesting and strategically placing assets in the right types of accounts to help minimize capital gains and income taxes.

  2. Strategic Withdrawal Planning: How and when you withdraw money from your accounts matters. We'll help you create a withdrawal strategy that prioritizes the most tax-efficient sequence, whether that's tapping into taxable accounts first, or using Roth IRA conversions to manage your tax bracket. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

  3. Social Security and RMD Optimization: We'll help you coordinate your Social Security benefits and Required Minimum Distributions (RMDs) from your retirement accounts. This can be critical to avoiding higher tax brackets and reducing the amount of your Social Security benefits that are subject to tax.

  4. Legacy and Charitable Giving: We'll show you how to structure your estate and charitable donations in the most tax-advantageous ways, ensuring that your legacy has the greatest possible impact for both your family and the causes you care about.

Our Approach to Tax-Efficient Planning

Common questions we help our clients answer

  • How can I minimize the taxes I pay on my Social Security benefits?

  • What are the best strategies to manage Required Minimum Distributions (RMDs)?

  • Should I be considering a Roth conversion in retirement?

  • How can I use my investments to lower my annual tax bill?

  • How can I make a charitable gift in the most tax-efficient way?

Additional Services

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