Help Keep More Money, Less Taxes
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Tax planning and retirement planning has been superior with an excellent retirement plan.
Tax Saving Investments
Tax-saving investments help minimize your potential tax bill. In addition, it can allow your investments to grow tax-free as long as certain criteria and requirements are met. This can help increase your return on investment.
While there are numerous tax-saving investment options available, the right investment will be dependent on your overall financial goals. Depending on your goals, will determine which tactic is right for you.
If you are looking to invest for retirement in 30 years that financial strategy will utilize different techniques than if you are planning for your child's education.
Types of Tax Saving Investments
There are a few common and simple tax reduction strategies you can look at including:
- Increasing your contributions to qualified retirement plans such as:
- 401(K)
- 403(b)
- Simple IRA
- Other employer-sponsored retirement plans
- Increasing your contributions to investment accounts such as:
- Health Savings Account (HSA)
- Traditional IRA
- Roth IRA
Tax Saving Investment Products
Tax Exempt Mutual Funds
These tax-efficient investments can help with income tax planning, thus helping you lower your overall taxes.
It is important to try to focus on long-term capital gains. Long-term capital gains are investments held for at least one year.
This category has significantly better tax treatment as compared to short gains.
Short-term capital gains taxes can be based on normal income tax brackets, whereas long-term gains can have lower rates of 0% up to 20%. The benefit, of course, will be dependent on your income tax bracket.
529 Education Fund
Charitable Donations
Gifting
According to the IRS, there are gifts that are not taxable and in some situations may be deducted on income tax returns.
Municipal Bonds
Municipal bonds are debt securities issued by the government. Some bonds can be exempt from federal, state, and local taxes.
Exchange Traded Funds (ETF)
This is a type of index that includes municipal bonds. It is typically exempt from federal income taxes.
Indexed Universal Life Insurance
Tax Reduction Strategies
If you are in a high tax bracket and are already doing the basic strategies, Langan Financial Group can develop a customized, more advanced tax reduction strategy to help you minimize your taxes.
These can include but are not limited to:
- Tax loss harvesting
- Claim tax credits
- Investment and retirement tax saving initiatives
- Identifying tax deductions
- Minimizing capital gains
- Timing income, purchases, and planned expenditures
Tax loss harvesting takes advantage of down investments, replacing them with other alternative investments and offsetting realized gains.
In addition to this, we can develop a customized plan combining investment and retirement account techniques that help you minimize pre-taxable income.
These options can allow for tax-free growth, thus not only saving you money on the pre-taxed front but also helping your money grow tax-free over time.
Tax Management Services
At Langan Financial Group, our financial advisors are all fully registered and can act in a fiduciary capacity.
With over 75 - 5 star reviews, we strive to be the best financial advisors possible. You can view our BrokerCheck to see our employment history, our zero regulatory issues, and zero arbitration issues.
Schedule a Tax Management Consultation!
If you have any financial tax planning questions or concerns, please feel free to contact us for a free consultation.
You can reach us at 717-288-1880 or visit our contact us page to send an inquiry. We will be sure to respond within 24 hours.
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Disclosure: Check the background of your financial professional on FINRA's BrokerCheck. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Cambridge and Langan Financial Group, LLC. are not affiliated. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, to residents of: AL, AZ, CO, DE, FL, GA, IA, KY, MD, NJ, NM, NY, NC, OH, PA, TX, VA, WI Cambridge and Langan Financial Group does not offer legal advice. Estate planning services are in regards to your overall financial plan. Always be sure to speak to a legal professional in regards to specific legal matters. Fixed insurance services offered through Langan Financial Group.
Testimonial/Endorsement Disclosure: The testimonials may not be representative of the experience of other customers. The testimonials are no guarantee of future performance or success. All of the testimonials/endorsements are clients with the exception of Steven Martinez of York SPCA. There was no cash nor non-cash compensation for any of the testimonials provided.
© Langan Financial Group
Harrisburg, PA Office
Address: 1863 Center St, Camp Hill, Pa 17011
Phone: 717-288-1880
York, PA Office
Address: 3405 Board Rd, Suite 200, York, Pa 17406
Phone: 717-773-4085
