When Should You Hire a Financial Advisor for Tax Planning?

At its core, tax planning is an effective strategy used to minimize potential tax liabilities. It is especially important for individuals who own businesses, have investments, or possess a high net worth. 

Tax planning is also an important part of any retirement or estate plan. The goal is to minimize the amount of money you incur in taxes while maximizing the wealth that you have available to you.

Common services that an experienced tax planning financial advisor can provide include:

Maximizing your yearly tax deductions

Planning for minimal taxes during retirement or through an estate plan

Using tax-loss harvesting to minimize taxes on investments

Ensuring you realize low capital gains tax rates

Preparation of tax returns for individuals or businesses

Helping you to evaluate the tax impacts of significant financial activities

Financial planners who specialize in tax planning can advise you of the impact on your taxes for both domestic and international transactions. In some cases, retirees choose to move abroad to experience a lower cost of living or better weather.


In addition to all of these services, tax planners can advise you on low-tax investment vehicles for education planning, tips on managing debt, or using certain insurance policies to reduce tax exposure.

Many financial planners who work in tax planning have other areas of complementary expertise. For example, they may be able to give you investment or retirement advice. Some can help you develop a plan for your business to realize certain tax benefits during the year or in the future.

Proper tax planning can result in a significantly reduced tax bill, allowing you greater access to your money. It’s highly important to retirees, who must often live on a fixed income.

Making financial mistakes after retirement can be costly, resulting in significant tax bills. A qualified financial advisor can reduce the potential for lost money due to poor retirement planning.

To ensure that you’re maximizing the financial opportunities available to you, speak with a qualified financial planner with expertise in tax planning today.

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