Minimize Tax Liability
At Attending Wealth Management, we understand that minimizing tax liability is a top priority for physicians. Our tailored strategies include:
Maximizing Deductions and Credits: We help you identify and claim all eligible deductions and credits, such as those for medical expenses, charitable contributions, and education costs. Additionally, we focus on deductions specific to your profession, like continuing education expenses and professional association dues, to further reduce your taxable income.
Deferring Income: By contributing to retirement accounts such as 401(k)s, 403(b)s, and IRAs, you can defer income, lowering your current taxable income and potentially reducing your tax bracket. This strategy not only saves you money now but also helps you build a secure financial future.
Tax-Advantaged Accounts: Utilizing Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can provide immediate tax benefits. Contributions to these accounts are often tax-deductible, and the funds can be used for qualified medical expenses, reducing your overall tax burden.
Tax-Efficient Investment Strategies
Optimizing your investment portfolio to minimize taxes is another crucial aspect of our tax planning services. At Attending Wealth Management, we implement strategies such as:
Tax-Loss Harvesting: We help you sell investments at a loss to offset gains from other investments, thereby reducing your taxable income. This strategy allows you to make the most of market downturns and manage your tax liability effectively.
Asset Location Strategies: Placing investments in the right types of accounts can significantly impact your tax bill. We advise holding tax-efficient investments like index funds in taxable accounts and placing less tax-efficient investments like bonds in tax-advantaged accounts (IRAs, 401(k)s) to optimize your overall tax situation.
Tax-Efficient Withdrawal Plans: When it comes time to withdraw funds from your retirement accounts, having a tax-efficient strategy is essential. We help you determine the best order to withdraw from different accounts (taxable, tax-deferred, and tax-free) to minimize taxes and extend the life of your retirement savings.
