When is the last time you thought about your lifetime tax strategy? You know, the lifetime tax strategy that helps you minimize taxes, take advantage of the tax code and pay no more than you need to?
If you are thinking that you don’t have one or that you have no idea what this is about, you are not alone. The reality is that most of us do not have any sort of lifetime tax “strategy”. And that’s the “problem”.
But why are the most of us in this situation without a lifetime tax strategy when no one likes to pay more taxes than they should? Well, the US Tax code is very complex and very confusing. Taking advantage of all its provisions is more than a little complicated especially when it comes to understanding the long term implications and tradeoffs of tax deduction, tax deferral and tax exemption. However, not taking advantage of all tax provisions can reduce both the value of your capital assets and the income of those assets can produce by hundreds of thousands of dollars, especially over 20 years of retirement.
Watch the video below to find out how to create your lifetime tax strategy.