Navigating the World of Tax Planning: Tips from Evan Guido
Title: Financial Adviser Draws Parallels Between Competitive Dance and Retirement Planning
As a father watching his daughter practice for a solo at Jump Dance Studio in Lakewood Ranch, Evan Guido is struck by the precision and dedication she puts into her performance. Just like in competitive dance, where technique is key to scoring high, Guido believes that precision in financial planning can make a significant difference in building a successful retirement.
Guido, a financial adviser, sees tax planning as the crucial element that sets apart a well-executed financial plan from the rest. Just as dancers practice to perfect their moves, individuals seeking to build wealth can benefit from strategic tax planning to maximize their financial outcomes.
Here are some tax planning strategies Guido suggests discussing with a tax adviser:
1. Tax loss harvesting: Taking a tax loss as soon as it occurs can help offset capital gains and reduce tax liabilities.
2. Roth IRA conversions: Converting a Traditional IRA to a Roth IRA can provide tax-free withdrawals in the future, potentially saving money in the long run.
3. Use growth investments for income: Taking distributions from growth investments can result in lower tax rates compared to income investments.
4. Give generously, but strategically: Gifting assets can have tax implications, so it’s important to consult with an adviser to maximize the benefits of charitable giving.
Guido emphasizes that, like in competitive dance, building and preserving wealth requires precision and creativity in financial planning. By incorporating tax planning strategies, individuals can work towards achieving their financial goals with confidence.
Evan R. Guido is the founder of Aksala Wealth Advisors LLC and can be reached at 941-500-5122 or [email protected]. Securities offered through Avantax Investment ServicesSM, member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM, insurance services offered through an Avantax-affiliated insurance agency. 6260 Lake Osprey Drive, Lakewood Ranch, FL 34240.