Tax laws tend to be contradictory and filled with confusing lingo that ordinary folks have a hard time grasping, yet alone maneuvering. We at Fuchs Financial understand that. And for this reason, we go an extra mile not just to provide our clients with best possible consulting services, but also to educate them and prepare them for future financial developments and challenges.
What separates Fuchs Financial from our competitors is the details we put into our tax planning services. Our top priority is to keep our clients informed on the latest developments in legislation and regulations while maximizing and reducing tax liability.
When it comes to taxes, what you really want is to maximize your profits but optimize your tax liabilities to the extent the law allows you. This is the essence of what we should focus on during the process of tax planning. At Fuchs Financial, we keep in mind all tax code provisions as the most important pillar of our process in the tax planning services portfolio. It’s also important to keep in mind that the tax laws change annually!
A tax deduction is that amount by which your taxable income is lowered and thus your tax liability reduced. Tax deductions are calculated by subtracting the amount of the tax deduction from your income, making your taxable income lower. At the end of the day, by lowering your taxable income, you can lower your tax bill.
Everyone who’s ever tried their luck with taxes can confirm that ways to be taxed on sales, income and investments are countless. However, what most folks don’t realize is that there are numerous methods to avoid or minimize taxation. By carefully managing liquid assets, life insurance and fixed assets, one can maximize their wealth and avoid unnecessary hassles that come with taxation. Fuchs Financial offers a multitude of services, all designed to help you manage and boost your current assets and plan for a care-free retirement.
Estate planning enables you to legally pass your wealth on as you see fit. Your estate includes everything from your car and home to life insurance and bank accounts, and estates and inheritances unfortunately also mean taxes. Advisors at Fuchs Financial will help you to pass on your estate with as little taxation as possible by avoiding tax traps and properly managing life insurance and other assets of value to you and your loved ones.
Retirement is often overlooked when it comes to taxes, but those with experience will tell you first hand that your tax situation can change rapidly throughout retirement. Fuchs Financial provides appropriate tax strategies that can help you learn how to reduce the taxes you owe over your retirement years so you keep more of the money you’ve earned and invested.
Through irrevocable trusts, assets can be transferred into the trust for later ownership by the beneficiary, and the grantor’s ownership is thus completely removed from these assets. These can include life insurance policies, cash, investments, businesses and more. The main benefits are elimination of estate tax on assets inside the trust, asset protection, and avoidance of “dis-inheritance”.
Using advanced financial modeling tools, we can test and verify ideas, strategies, or products to find the ones at your best interest prior to making important financial decisions. With these models it is easier to visualize all financial products and strategies at once on one page. Understanding the impact of these decisions, Fuch Financial can create measurable strategies to reduce taxes while also building, protecting, and growing your wealth.
Fuchs Financial offers you a wide range of services designed to help you manage tax credits for college expenses and retirement savings plans. Our clients mostly prefer to utilize earned income credit, given the fact these can be credited to an account. Thus acting as a sort of payment, similar to a tax refund.
Tax deductions are another important component of tax planning services. A deductible is an expense that can be subtracted from taxable income. Almost every person has at least one deductible expense. By identifying and analyzing your deductibles, Fuch FInancial can help you reduce taxes and increase income.
Financial advisors, such as those at Fuchs Financial, are professionals with extensive experience in finances. They advise their clients on decisions related to wealth management and personal finance. Depending on their area of expertise, financial advisors can help you with everything, devising an entire retirement savings plan with a timeline attached to it or simply answering questions regarding taxes, income and legal issues.
Fuchs Financial advisors will gladly help you balance your financial priorities with tax implications. The core principle is to build a lifetime plan that meets both your personal and financial goals. The key to success is to hire a financial advisor that understands your finances, so they can find and recommend the right tax professional for you. Your advisor and your tax professional can then help structure your investments and retirement distributions for tax efficiency.
When it comes to taxes, what you really want is to maximize your profits but optimize your tax liabilities to the extent the law allows you. This is the essence of what we should focus on during the process of tax planning. At Fuchs Financial, we keep in mind all tax code provisions as the most important pillar of our process in the tax planning services portfolio. It’s also important to keep in mind that the tax laws change annually!
A tax deduction is that amount by which your taxable income is lowered and thus your tax liability reduced. Tax deductions are calculated by subtracting the amount of the tax deduction from your income, making your taxable income lower. At the end of the day, by lowering your taxable income, you can lower your tax bill.
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Disclosures:
Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints and analyses of the authors, Ben Fuchs and Fuchs Financial, providing such comments, and should not be a description of advisory services provided by Foundations or performance returns of any Foundations client. The views reflected in this commentary are subject to change at any time without notice. Nothing on this website constitutes investment, legal, or tax advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations for services, execution of required documentation, including the receipt of required disclosures. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Foundations manage its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Any statistical data or information obtained from or prepared by third party sources that Foundations deems reliable but in no way does Foundations guarantee the accuracy or completeness. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD #175083.
Fuchs Financial is not connected with or endorsed by the U.S. government or associated with any federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.Gov or 1-800-MEDICARE to get information on all of your options.
Fuchs Financial is not endorsed or affiliated with the Social Security Administration or an U.S. government agency.
All testimonials on this page are unpaid and unsolicited client testimonials. All clients have had a financial relationship with Ben Fuchs and Fuchs Financial for over 6 months and are providing their personal opinion. This may present a conflict of interest as each particular client’s testimonial may or may not be the same as another client’s experience. This conflict is mitigated by our financial advisor’s fiduciary duty to tailor each client’s investment objectives to each individual client’s own financial situation. There was no compensation paid to the client for this testimonial. A client testimonial does not guarantee future investment success and should not be indicative that any client or prospective client will experience the same or a higher level of investment performance. Foundations Investment Advisors, LLC is an SEC registered investment adviser. Past performance is not indicative of future results.
