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Protect your investments by creating tax saving strategies with a financial advisor at Midland Wealth Management.

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Tax Strategy as part of your Financial Plan

Like it or not, taxes are a part of everyone's lives. Many of us pay more than we owe for a few reasons — the language, laws and rules surrounding taxes can be confusing, and the penalties can be harsh. Consulting with a financial advisor can help you understand why you pay when you pay, as well as provide sophisticated strategies on how to maximize your savings and avoid costly mistakes.

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Reduce Taxes on Retirement Savings

One common way to reduce your taxes is with retirement savings accounts. With a traditional Individual Retirement Account (IRA) or 401(k) plan, you contribute ‘pre-tax dollars’ or money that has not yet been taxed. Instead, you are taxed at the income tax rate when you withdraw. This may make sense if you anticipate being in a lower tax bracket at retirement.

With a Roth IRA or Roth 401(k) plan, you contribute ‘after-tax dollars’ or money that has already been taxed at your current income tax rate. Assets in the account grow tax-free and you won’t be taxed again in the future when you’re ready to withdraw. This may make sense if you’re currently in a lower tax bracket and further from retirement.

Another option is to split your savings between the two or you can even switch or convert the account type if you change your mind, although you may owe income tax on the money that year. Our financial advisors can help you plan accordingly and discuss your tax concerns including federal and state taxes on retirement accounts and potential taxes on pensions or annuity benefits.

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Creative Tax Saving Strategies

Our advisors can also help you better understand short-term versus long-term capital gains, as well as tax-loss harvesting. Being prudent with capital gains tax decisions is an under-appreciated art. Tax loss harvesting is a strategy that allows you to reduce or offset capital gains by capital losses. Our financial planners can help advise and guide you through these decisions, so you don’t end up letting a capital gain tax keep you from making beneficial long-term investment decisions.

Other tax saving strategies include estate planning, insurance options, gifting or charitable contributions, Health Savings Accounts (HSAs), 529 college savings plans and more. Set up a meeting with one of our financial planners to learn more about optimal solutions designed uniquely for you and your situation, needs and goals.

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The best way to minimize how much you pay in taxes? 

Meet with an expert who has experience providing comprehensive wealth management strategies, including tax and financial planning. At Midland Wealth Management, our financial planners have years of experience proactively helping clients like you minimize their tax exposure. We can help design tax-efficient portfolios and advise on ways to:

  • Take advantage of tax savings strategies, such as contributions to retirement accounts, HSAs, 529s, charities and more
  • Increase your tax deductions, which lowers your income before taxes are calculated on what you owe
  • Claim tax credits, which reduces the amount of taxes you owe or increases your tax refund

Frequently Asked Questions

Most people choose to handle taxes themselves or work with an accountant when it's time to file, but this could mean missing out on some of the best ways to save money and accumulate wealth. Tax planning plays an important role in your overall financial plan. At Midland Wealth Management, our financial advisors can help.

While we'll customize your plan to fit your specific needs and wants, tax planning can help you make the most of your hard-earned money by paying a smaller percentage of it in taxes. We know reducing income may seem counterproductive – but depending on how it affects your tax bracket, you may end up bringing home more of your money when you earn less. Your financial advisor will work with you to figure out a strategic approach that best fits your needs.

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Partnering with Midland Wealth Management

We strive to put every one of our clients on the road to financial freedom. A good tax strategy can help you save more every year, which means you can do more with your money — like investing in new opportunities and saving for retirement. Whether you're exploring advisors near you for your personal banking needs or as a business, we’re here to help.

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Let’s Get Started

You can start saving more money every day when you have your tax and financial plan in order. Visit one of our Missouri or Illinois branches today to meet with a financial advisor. You can also fill out our online form or give us a call at 888-637-2120.

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Midland Wealth Management does not provide tax or legal advice. Please consult your tax or legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.


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