Tax Planning

There is a big difference between tax preparation and tax planning.

Typically, the tax preparation is reactive while tax planning is proactive.  You cannot do anything about what happened in the previous year.  While we are not accountants, Benold Financial Planning provides guidance to project tax costs and minimize taxation.

We manage investments and make retirement-saving recommendations based on your tax circumstances.  Benold Financial Planning will educate you on the different ordinary income tax brackets and capital gains tax rates.

We strive to inform you on how taxes will affect your pre and post-retirement lifestyle.  Benold Financial Planning will advise you on how/when to take required minimum distributions (RMDs) on tax-deferred accounts.

tax planning spreadsheet

Lastly, we help you avoid Uncle Sam by looking into different strategies such as Roth conversions, tax-loss harvesting, and bunching charitable giving.  We meet you where your tax needs are and look for efficient ways to minimize your taxes.

Financial Planning Process

1. Schedule Consultation

The process begins with establishing a relationship between the client and Benold Financial Planning, with an informal initial consultation. Your financial planner will explain their financial planning services.

2. Plan Creation

You've gathered the relevant information, now it's time to analyze it and create a financial plan. The plan will include specific action points for your personal goals such as cash flow analysis. income tax planning,

3. Implementation

With a plan in hand, both parties will carry out the recommendations thereby putting the plan into action. Various items may be carried out at varying time frames.