Mike, Ryan, Brian Herbert discussed on WCBM Programming


Do that? Well, Brian Herbert is here. He's got answers for you. Mike and Ryan are here every week to help you grow. Keeping distributor wealth in the most tax efficient manner possible, right? How are you? Great to see you and I'm doing wonderful. The weather is amazing. Now it's nice and warm everyday, provided it's not too too hot. The kids are almost almost almost done with school. So this, you know, hopefully we can put this entire Virtual half virtual school year behind us and, you know, hopefully they get to start fresh. Come next September. You know this is a busy time for a lot of people normally think summertime, you slow down, but you guys have offices in Baltimore and in Florida, so people have a lot of different schedules. But summertime is really not a time to be slowing down specifically this summer time, let's get into taxes with that. President Biden wants to nearly double the capital gains tax rates for anyone who makes a million dollars or more Well now, as CNBC's Robert Frank tells us, the president wants to start collecting that money before you have a chance to do anything. To protect that. Listen to this. President Biden officially calling for the largest capital gains tax increase in history to be retroactive. If this passes and you sold stocks or business or property after April 28th of this year, you could owe back taxes. Wow, Retroactive. Brian Folks are listening to this and white knuckles if they're driving and they're just they're just shaking your heads. What do we do about that? The question really becomes, what can I do if this passes If I'm in that situation where I'm going to be in the highest tax bracket, I'm making over $500,000 a year $600,000 year I'm hitting that million dollar Mark. What can I do? Well, if they ignore all previous precedent, and and they get this thing passed, Unfortunately, there's not really much That you can do. You can do the normal tax planning side of things where we try to do tax loss harvesting where we look at, you know, maybe you have some losses in your portfolio, which I don't know. How many losses you might have after the stock market? I just had this massive massive runoff but tax loss harvesting where we're selling off assets that have losses to try and offset that gain to try and bring your income down below that million dollar number. Maybe, you know you have conversations with your employer about shifting some of your your earnings to the next year. Maybe we look at other tactics inside your tax return on how we can reduce your income, whether we're using limited partnerships or specific types of investments where you're buying tax credits to help Reduce your income and the bottom line to it really becomes. You have to come up with some type of a plan for this. This is not one of those things you can just well, If it happens, it happens. I'm going to pay taxes. You want to explore every avenue possible and for the next five callers that have saved at least $500,000 or more for retirement. I want to extend a special invitation to give us a call. 866597 10 48 66597 10 40 sit down. I think your mic or myself, and we'll personally helped put together your very own retirement plan that has these tax planning strategies built into it, because it's not how much you make it. How much you keep At the end of the day. We want to get you in that lowest tax bracket possible, so you have to give us a call. 866597 10 48 66597 10 40 sit down with micro, myself and well put together. This plan on an absolutely complementary basis. It's a savvy investor, radio and savvy investor podcast brought to you by per status Financial Advisors group. Mike and Ryan Herbert Ryan. You guys have been talking about this now for years, taxes are going to increase. We've got to start playing. So this is nothing new for regular listeners of the show and your clients. But it looks like it's coming to a head now because things are are really furthering up a lot more, and this may well happen. Whether it's this proposal or another proposal. We're going to get hit with a massive Tax hit and tax planning is really what you guys do and one of the key stones of of your firm. Talk about that talk about the difference between tax preparers. Somebody that you know, just does your taxes and true tax planners that also work with your retirement and your investment. The biggest difference to the tax preparing attacks. Planner Is your tax repair Somebody you see once a year you send them all your information. You make an appointment. You go sit down in their office and they do your taxes and they and then they either hand you back or return that you sign of the email to you. Then it's five. Then you honestly you don't hear from them. Until January, February or march of the next year, whereas a taxpayer as someone who is going to have those conversations with you about all right, here's what happened last year that made major taxes change. However much here's what we can do going forward for this year because you're doing taxes in the the year following. Here's what we can do this year to make changes. So that next March next April, God forbid the extent this tax line again on Mike and I here, But you know, here's what we can do to help reduce taxes. And these are the conversations that I have. That I'm having now with all of my clients, you know, I was just talking with clients of mine the other day. Just this past week. We're and we're talking about, all right. We want to start planning more for retirement. We talked about doing Roth conversions with their money, which is where we're taking money out of their IRAs and dropping paying tax one and putting it in to the Roth IRAs and part of those conversations are let's stop. Putting our money away into these traditional IRA accounts, because if taxes are going to go up in the future, why not pay taxes now on lower tax rates, then we're going to have in the future. So we're talking about all right. Let's shift this 10% that you're putting in your traditional 41 K. Let's put over into your Roth IRA here. The ramifications it's going to have on everything else on your tax return. We need to adjust. Your tax withholdings appropriately so that not only you end up with that same net pay and your paycheck every single month. But so that we don't have this big surprise at the end of the year and then oh, by the way, my husband got to raise his sound was going to go up to this. We just got a bonus. That's another $30,000. Here's the taxes they took out. Can we sit down and talk about these things, and that's what we do. On a regular basis. And quite often, I get phone calls from our radio listeners where we're talking about this. You know, I have this tactic you I want to talk about because I cannot get the answer from my accountant. You know, I have these three round properties. This was a conversation I had a couple weeks ago. I have 331 of property and I want to start getting out of them because I'm getting older and I don't want to Deal with this headache anymore, And when I asked my tax a pair about selling it, all they did was say, Here's how much money you're gonna owe in taxes. If you sell it you should send in. An estimated tax payment. And he said, Well, what? What can I do to avoid to avoid paying the taxes? It goes, Oh, well, you know, just sell the property. Sending the payment will figure it out. No, that's that's not. That's not what you do. There are so many alternatives when it comes to selling assets like rental properties. You can do exchanges. You can push that capital gain down the road. You can go out and you can buy specific investment vehicles that allow you to defer the tax is further down the road and get an income stream. Really working with a tax preparer, an investment manager and a financial planner who looks at all of these aspects and has the tools has the idea is to come up with creative ways to help you to your retirement goals. If you want to find out more about this for the next.

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