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Timing Retirement Withdrawals to Reduce Taxes
Retirement withdrawals can trigger unexpected taxes.
This is Dave Horwedel, CEO of Torchlight Tax.
Traditional IRAs and 401(k)s are taxed as regular income.
Making a large withdrawal in one year can spike your taxes.
Spreading the withdrawal out or using charitable donations to
offset can save tax dollars.
Donating assets such as stocks or real estate that have gone up in value directly to charity gives you an extra deduction and you do not have to report profit on the sale as income.
Timing matters.
There are many tax saving strategies. See our video Strategic Tax Planning,
visit our Torchlight Tax website or YouTube channel, or call or email us for a free consultation and more strategies at 877-758-7797 or info@Torchlighttax.com